Bank statements

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

dave170

User avatar
Posts: 2
Joined: Mon Feb 15, 2021 10:28 am

Post by dave170 » Mon Feb 15, 2021 10:28 am
I’ve had my Iva payment plan nearly 3 years now. I moved to Australia a year ago and I’ve been paying my repayments, I’ve been asked to send some bank statements etc for annual review but I only use my uk bank to pay my debt so no payments etc have gone in there. What happens if I don’t complete annual review? I will continue to pay the debt

Foggy

User avatar
Forum Expert
Posts: 32091
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Feb 15, 2021 10:49 am
If you do not complete the annual review the IVA will fail and creditors will be able to enforce collection, subject to the limitations (if any) of you being in Australia.

I do not see any problems --- can you not produce statements from the Australian bank you use for everyday living ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

dave170

User avatar
Posts: 2
Joined: Mon Feb 15, 2021 10:28 am

Post by dave170 » Mon Feb 15, 2021 10:58 pm
Yeah I guess I can. I wasn’t sure if it was breaking Iva rules so didn’t mention it to them. I’m guessing that I can move abroad and continue with payments then? I’ve contacted creditfix saying I’ve moved abroad now so will take the next steps they ask for. If I’m earning same salary but make extra with overtime will my payments go up?

Thanks

Foggy

User avatar
Forum Expert
Posts: 32091
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Feb 16, 2021 7:45 am
You will owe the IVA around half of any extra income ( overtime, bonus payments etc.) depending on what clause you have in this regard. Some allow you to keep the equivalent of 10% of basic income then split the rest 50/50, others go straight for a 50/50 split. This is usually dealt with on a month to month basis, but some IPs will treat the timetable differently.

We have many forum members who have moved abroad with no issues with their IVAs. The only requirement, other than sticking to the agreement, is to keep your IP informed of your change of address.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

User avatar
Forum Expert
Posts: 76393
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Feb 16, 2021 9:51 am
Also, keep an eye on the exchange rate to make sure your payments are correct.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”