right lets get this right----i can have savings and iva cant take it???? do i have to give 6 months bank statements???? they said if i dont they will tell creditors i am being differcult, even though i have given them months of wage slips. they also said the creditors will end my iva if i dont show statements
If your IP asks for bank statements, then you have to give them.
One of those things I'm afraid.
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
If you mean you can have savings prior to entering an IVA and not hand them over I 'think' this is incorrect. You will have to hand them over. I mean, you are expecting creditors to write off a chunk of debt so I think it is only fair. Having your cake and eating it and all that.
If you mean you can squirrel some cash away for emergencies while in your IVA then this is correct. But what happens if you manage to save a few hundred quid?
Last edited by Imhotep on Mon Aug 30, 2010 10:31 am, edited 1 time in total.
I really don't see what the problem is with handing over the bank statements. When you're in an IVA you have a duty to co-operate with your IP.
In answer to Imhotep, if you have savings prior to entering an IVA you must declare them to the IP and they will be paid into the IVA. If you can make savings from your allowances or your share of any overtime then it's yours to keep.
Imhotep wrote:
If you mean you can have savings prior to entering an IVA and not hand them over I 'think' this is incorrect. You will have to hand them over. I mean, you are expecting creditors to write off a chunk of debt so I think it is only fair. Having your cake and eating it and all that.
If you mean you can squirrel some cash away for emergencies while in your IVA then this is correct. But what happens if you manage to save a few hundred quid?
What a brilliant term and very appropriate for those of us in voluntary arrangements!![:D][:D][:D]
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
In answer to Imhotep - you can save as much as you like during an IVA. If this amounts to a few hundred quid, then great! You won't have to hand it over.
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
