Fund transfer Lump sum iva

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Leo
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by Leo » Tue Feb 20, 2018 1:22 pm
Hi my lump sum offer came from abroad and my iva firm are saying funds have to go in there account direct however bank abroad is refusing to transfer to third company and can only transfer into my account as its coming from my father. I can transfer funds straight way to the firm with bank statement in order to proof transaction.

Iva firm is refusing to acept this.

I have limited time remaining.

Can anyone help on this? I thought this would have been straightforward process but causing quite difficulty.
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Foggy
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by Foggy » Tue Feb 20, 2018 1:32 pm
I cannot see why the foreign bank is refusing to pay direct to the IP's account when they are able to pay into yours ... what is the difference ?? But, as well, I cannot understand why the IP is refusing this if you can provide statements showing all of the transactions, including a statement from the donor's bank showing the funds are actually there to be transferred.
Leo
Posts: 9
by Leo » Tue Feb 20, 2018 1:53 pm
Their explanation is its a third company account and they can do in mine as its coming from my father.( it doesnt make sense to me either but...)

So iva firm is wrong to say I cannot do this?

As i want to get it over an done with. I dont see the fuss i have been through the process and its last step...
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Foggy
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by Foggy » Tue Feb 20, 2018 2:16 pm
Leo wrote:
Their explanation is its a third company account and they can do in mine as its coming from my father.( it doesnt make sense to me either but...)

So iva firm is wrong to say I cannot do this?

As i want to get it over an done with. I dont see the fuss i have been through the process and its last step...


I couldn't say the IVA firm is "wrong" -- but they are being a bit inflexible. At the end of the day, though, they have their own policies to adhere to. Have you spoken directly with the IP, or just to a case worker ?
Leo
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by Leo » Tue Feb 20, 2018 2:21 pm
All communication has been through caseworker but i will see what can be done.

Would you know the reason for not letting me do this way? Apart from general policy
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Foggy
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by Foggy » Tue Feb 20, 2018 3:15 pm
Leo wrote:
All communication has been through caseworker but i will see what can be done.

Would you know the reason for not letting me do this way? Apart from general policy



As long as you can provide an audit trail there is no reason why they should nt accept this workaround you are suggesting. They need this for two reasons: 1) to satisfy themselves that the money is, in fact, from the donor and not yours as a hidden asset and 2) To satisfy money laundering regulations, where they are required by law to ascertain the source of any lump sum payment and the I.D of donor.
To be honest, I cannot understand the stand that the bank is taking and I imagine this, in itself, is raising doubts in the IP's mind. I am sure, if the donor was purchasing, say, a house in the UK his bank would have no problems transferring the money to a solicitor or conveyancer here in the UK, so why not the IP ?
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Lisa Thomas
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by Lisa Thomas » Tue Feb 20, 2018 3:37 pm
This sounds strange to me - surely your Dad can instruct his bank to send his funds to any payee he likes?

What does the Bank have to do with it?
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