Do all iva companies require bank statements to start one?

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Mudds07
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by Mudds07 » Sat Aug 12, 2017 9:14 am
Just a question, do all iva companies require bank statements to start one? I only ask as I haven't been with my bank six months yet and they said they wouldn't do me a print out until and unless I paid for it
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kallis3
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by kallis3 » Sat Aug 12, 2017 9:24 am
Hi,

Do you have internet banking at all - if not, could you sign up for it and print statements off?
Mudds07
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by Mudds07 » Sat Aug 12, 2017 9:40 am
I tried screen shotting it on the app and I won't allow me, I'll try and log on to see if I can do it that way, will they accept screen shots or does it have to be printed off statements, I've read on here that some companies don't require bank statements, is that true do you know? Just trying to get organised, even if I'm told an iva won't be an answer for me it won't hurt to have everything in a file and ready for what ever course of action I do take
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Foggy
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by Foggy » Sat Aug 12, 2017 10:43 am
Some do, some don't. Much will depend upon if you need to evidence exceptional spending (outside of the guideline figures) and if you can produce other proffs of things like rent, income, utilities etc.

I imagine you should be ale to download and print from online banking on a P.C, rather than an app.
Mudds07
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by Mudds07 » Sat Aug 12, 2017 11:06 am
Thanks for the replies. Will they need tof look through my partners Wages and spending too? And do you have any idea of whathe guidelines they follow, just an example really, we are a family of 6 and shopping is roughly about 300 to 400 a month is that too much for a family that size, cus we do most of the shopping at Aldi and not really sure what to cut down on
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Foggy
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by Foggy » Sat Aug 12, 2017 11:21 am
Assuming two adults and 4 children you would be expected to be spending well over that on food, toiletries and cleaning.

Yes, they will need evidence of partners income to calculate the correct share of expenses ( if your partner earns twice as much they would be expected to bear a corresponding share of expenses ), but most firms are not interested in making the solvent partner actually contribute to the IVA. Some, however, do.
Mudds07
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by Mudds07 » Sat Aug 12, 2017 11:39 am
That's good to know then look. Thanks for your help.
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Lisa Thomas
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by Lisa Thomas » Mon Aug 14, 2017 8:10 am
I would personally need to check copy bank statements - I have to be able to say that the Income & Expenditure you have disclosed looks relatively accurate etc in my Nominee's report.
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Michael Peoples
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by Michael Peoples » Mon Aug 14, 2017 8:58 am
Bank statements provide so much information regarding rent/mortgage, council tax, heat/light, insurances etc so are very helpful. However after the IVA is approved you should not need to show them as it is your own business how you spend your own money.

The guideline figures for food, toiletries and cleaning for a family of six are a minimum figure of £401, a middle figure of £571 and a maximum of £698. The single most important part of an IVA is affordability so make sure and agree a figure that can be sustained without putting the family budget under pressure.
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