www.iva.co.uk

Hi, Just a few questions about my IVA, I have been in it now for several months and I'm just doing a little research on things, to get to know the in's and outs of an IVA Review.. Me and a fellow colleague at work have both entered into separate IVA's this year and was discussing the review.. We both come to a point where we though.. 'How far into things do the IP look?' By this i mean.. How is the case assessed? Do they just look at your bank statements and pay slips, P60 for the year, or do they dig about (lol sorry if that sounds a bit harsh to any body)? Is there other ways of finding out about monies obtained in ways outside of pay slips and bank statements, I.E. Windfalls or Injury Claims, though some kind of database, maybe held which can search whether a pay out has been made to some body with-in an IVA? Inheritance or just money just gifted to you? I no this sounds rather suspicious but to be honest I just fancied knowing more about this part of it.. I guess the big question is.. Is your life being monitored totally?

Cheers for any information.. would be interesting to know
Darren

Hi Darren.

Not too sure about the answer, as each company is different. Mine just requires 3 payslips, an update on I&E and a ten minute phone call.

Many thanks.. I did have a quick look through my IVA booklet and it said I needed to supply 12 months pay slips and bank statements and a P60 for the year which handy as I don't usually keep my payslips for more then a few months, but got into the habit of doing it now.. So I guess the question whether or not its more in depth as that is still unknown.. Would be good to actually know what measures they take to keep an eye on your finances though...

Many thanks
Darren

It is a question to really ask your IP, as most of us have slightly differing ways of looking at the review. In my practice we ask for last 3 months wages slips, evidence of any expenditure items which are more than 10% of the previous year, trading accounts and tax returns, together with written confirmation that no windfalls have been received during the year. I think this is pretty standard amongst IP firms, but some do ask for bank statements as well.

Hi I have just one nagging thought - do IVA Companies have access to our bank accounts? My logic tells me not but ...........

I agree with Melanie approach which is what my firm adopts plus bank statements for the last 3 months.

No scorpious IVA companies do not have access to their clients bank accounts.

Your post Darren85 does raise a few eyebrows and I accept you are just wanting information - if some one in an IVA wishes to be deceitful - yes they can arange or organise such - however honesty is the best policy and I am aware that all banks share data between each other (through the credit agencies) and it would not be beyond their techniques to ascertain from names and banks this information of monies appearing as windfalls or whatever. I am a great believer in conspiracy theories!

Why dont Ip's have access to bank accounts?? Just thought that given that they are meant to get the best for the creditors,not having access to bank accounts means its easier to disguise/hide things??

I agree plasticdaft - my firm does on the annual review and prior to setting up an IVA to check expenditure or any abnormal patterns.

Surely people do not attempt to "fiddle" whilst in an IVA - if they do that will not only makes matters worse but likely increase the fees of the IP by causing extra work. Once trust has gone it would be very difficult to replace. Is it not a criminal offence to fiddle an IVA? J

Elv5 if someone thought they could get away with hiding the Mona Lisa whilst in an IVA they would try it.

Honesty is the best policy but too many people find out the hard way that its the case.

And yes it can be a ciminal offence.