Would I lose my bank account

[zoejm]

Would I lose my bank account, and would I have to provide pay slips?

[MelanieGiles]

Hi zoejm - I assume your question relates to "If I look at doing an IVA???"

You will definately have to provide pay slips, as your IP will need to independently verify the level of your earnings. If your current bank account is with a bank to whom you owe money on other debts, or is in overdraft, then you will need to open up a new basic account with a bank to whom you are not indebted. There have already been a lot of helpful posts on the forum with regard to suggestions of banks to try.

Hope this helps

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Hello,

Yes, we would need the debtors three months pay-slips (ideally consecutive) and the same for their spouse even if the spouse is not liable for any debts.

Kind regards,


Julia




For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[finebridge]

Hi Zoe,

Once entered into an IVA you would also need to provide wage slips quartley to assess that you are paying the correct amount into your IVA. Your case will get reviewed annually using your quarterly wage slips.

Kind Regards
Nicola

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[Oliver]

The reason that you are advised to open a "fresh" bank account is becasue any Creditor has the right to offset monies from an account you hold in credit with them against money you owe them from another account.





Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[neverending]

This point is correct pre IVA but post IVA any money paid into an account of one of your creditors has to be made available to all your creditors otherwise it is deemed as a preferential payment.
regards

[Oliver]

Welcome back Neverending, hope you had a good break.

You are quite right, once the IVA has been agreed and legally rubberstamped you will be protected from your creditors and can choose to use any account you like.

One thing to remember though is that some creditors have been known to close an account if you are in an IVA so it's a good idea to make sure which ever account provider you choose to take will allow you to continue banking with them once your IVA is in place.




Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[neverending]

Hi Oliver
Thank you and yes I had a great break,I also finally realised after traveling to America for the past 11 years that we here in the UK are on a hiding to nothing.The US housing costs are half the amount we pay for a similar property and their fuel is nearly 5 times cheaper than ours.Totally nothing to do with IVAs but makes you think !!!

[Skippy]

Welcome back to rip off Britain!

Glad you had a good time Neverending - we are planning on going in 5 years time when my IVA is finished.

Three down, fifty seven to go until freedom!

[freelili]

Hi

I just wanted to say I am glad that neverending is back also, glad also that you were able to have a nice break. I didnit know where to post it

Good luck Zoe, if your looking at IVA companies, make sure you shop around, take your time to make the right decision, one that you are able to live with for 5 years. I dont know where you are in the process.

Keeo posting your queestions, and your progress its a very supportive place also.

LILY

[zoejm]

new question.

Hi, I read that if you get an IVA, you have to give 50% of O/T and bonuses.
My question is, my husband's company has a wage structure whereby they pay a flat hourly rate, plus a 'bonus', however it's not really a bonus as it's guaranteed. They do it so that when staff work overtime, they only have to pay time and half of the low basic rate - saving them money. Would we be expected to give half of this 'bonus' - there's no way we could afford that. Bankruptcy would then be our only option - and we really don't want that.
Thanks.

[neverending]

Hi
You will need to discuss this with the IP that you choose to arrange your IVA.
If it is a guaranteed payment then I would suggest that this is declared in your income to your IP.Then if your IVA is agreed on those figures any further overtime would be treated on the 50% rule.

[MelanieGiles]

Hi again Zoe

I am assuming that both you and your husband are going to be entering into IVA's. If this is the case, then his wages will be based upon his basic salary, plus the guaranteed bonus. Therefore the 50% uplift provision will only be applicable on additional earnings in excess of those sums.

If your husband is not going to be proposing an IVA in his own right, then the 50% uplift provision is not relevant, as only your earnings are subject to ongoing scrutiny.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[zoejm]

Thanks for all your info guys!
You've been a great help!
[:D]