Can I open another bank account?

[veronica302]

Hi does my iva s starting this month, I would like to open a second bank account with coop since my family gives me money gifts once a year, I want to save this money to make extra payments towards my debts, do I need to tell my IP about this second account ?

[ashbock123]

You can't make 3xtra payments towards your debt. If have family that give you some money best to give you gifts as cash as anything over £500 has to be declared

[Foggy]

As has been explained, you cannot make extra payments outside of the IVA. But, that apart, you can open another bank account.

[veronica302]

Hi are you saying that if I have an offer i won't be able to propose it to my creditors? I thought that I can offer lump of money at anytime
Veronica

[abbiesmum2003]

I think this question is in relation to your other post about second account and gifted money.
Foggy is right on other thread...no you cannot make ‘extra’ payments towards your iva from this money (or any other money).
Its not like the debts where you could ‘chip’ away at them. Youve got your iva payment plan and thats it unless you earn overtime, wages increase, you get a significant windfall (over £590).
I think the ‘lumpsum’ you mention you mean a ‘full and final’ offer to end the iva which would potentially be a lumpsum equal to your iva monthly payment times by remaining months of your iva. You cant just make the odd random extra payment and they will want to know where money is coming from etc.
You can open another account to save a few quid you get given etc but this is ‘rainy day’ money rather than lumpsum iva money.

[veronica302]

Hi I hear what you saying about the lump money and arranged payments, this is very useful. By what you are saying I will have to declare the gift money I will receive because these will be over 600.00 due to dental treatments I will need and other minor health issues my family is willing to help with.
They may only be able to give this money into my account because they live in a different country.

[Foggy]

Hi I hear what you saying about the lump money and arranged payments, this is very useful. By what you are saying I will have to declare the gift money I will receive because these will be over 600.00 due to dental treatments I will need and other minor health issues my family is willing to help with.
They may only be able to give this money into my account because they live in a different country.

You should ask them to make smaller payments, at least under £500. I would say, rather than one payment of £600, they make three payments of £200 over 4 or 5 months ... so you do not get 2 payments in one month and not also get a payment each month.

[Foggy]

Veronica --- please reply to earlier questions on the same thread. Do not open a new thread as people cannot see what you are replying to.
I have merged the three threads that seem to be about the same issue.

[veronica302]

I think this question is in relation to your other post about second account and gifted money.
Foggy is right on other thread...no you cannot make ‘extra’ payments towards money).
Its not like the debts where you could ‘chip’ away at them. Youve got your iva payment plan and thats it unless you earn overtime, wages increase, you get a significant windfall (over £590).
I think the ‘lumpsum’ you mention you mean a ‘full and final’ offer to end the iva which would potentially be a lumpsum equal to your iva monthly payment times by remaining months of your iva. You cant just make the odd random extra payment and they will want to know where money is coming from etc.
You can open another account to save a few quid you get given etc but this is ‘rainy day’ money rather than lumpsum iva money.

Hi ,there this sounds very confusing and daunting. I m not sleeping over this, I'm thinking about the coming years .So, a gift money over 500.00 is considered a windfall if I need to declare it. How am I suppose to save few quid in case of emergencies. I'm not allowed to make extra payments but I am allowed to propose a final lump of money to settle the IVA earlier? This doesnt make much sense .I haven't been told this , I feel I'm stuck into something I m not able to sustain for that long.
Veronica

[veronica302]

I think this question is in relation to your other post about second account and gifted money.
Foggy is right on other thread...no you cannot make ‘extra’ payments towards money).
Its not like the debts where you could ‘chip’ away at them. Youve got your iva payment plan and thats it unless you earn overtime, wages increase, you get a significant windfall (over £590).
I think the ‘lumpsum’ you mention you mean a ‘full and final’ offer to end the iva which would potentially be a lumpsum equal to your iva monthly payment times by remaining months of your iva. You cant just make the odd random extra payment and they will want to know where money is coming from etc.
You can open another account to save a few quid you get given etc but this is ‘rainy day’ money rather than lumpsum iva money.

Hi ,there this sounds very confusing and daunting. I m not sleeping over this, I'm thinking about the coming years .So, a gift money over 500.00 is considered a windfall if I need to declare it. How am I suppose to save few quid in case of emergencies. I'm not allowed to make extra payments but I am allowed to propose a final lump of money to settle the IVA earlier? This doesnt make much sense .I haven't been told this , I feel I'm stuck into something I m not able to sustain for that long.
Veronica

Do you know how many monthly payments do I need to make before being allowed to make a final offer?

[Foggy]

You can make a full and final offer at any time --- but where would you be getting the funds for this ?

You can even do an IVA with only one lump suym payment at the start, if you have the funds.

[veronica302]

You can make a full and final offer at any time --- but where would you be getting the funds for this ?

You can even do an IVA with only one lump suym payment at the start, if you have the funds.

Thanks this helps . My mother is willing to help in 2 or 3 years