I would like to open an online savings account

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nadia499
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by nadia499 » Mon Nov 27, 2017 3:47 pm
Hi,
My IVA is coming up for review next year in March. I only have an account with nationwide and would like to do some savings as well.. just wanted to ask I have opened an online savors account with nationwide so when I do my over time it can go to my savors account.. my question is when my IVA gets review will they check how many accounts I have or can I just send them the bank statements of my current account and not show them my saving account at all... They have only asked for my 12 months bank statements and wageslips and nothing else when they review my IVA..
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Foggy
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by Foggy » Mon Nov 27, 2017 4:06 pm
I had a savings account for my shares of overtime, etc. and was never asked to show it. All they need to verify your earnings are bank statements and / or wage slips ( possibly the annual P60).
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nadia499
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by nadia499 » Mon Nov 27, 2017 4:40 pm
Foggy wrote:
I had a savings account for my shares of overtime, etc. and was never asked to show it. All they need to verify your earnings are bank statements and / or wage slips ( possibly the annual P60).



Will my p60 show my over time hours and what I have earned
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nadia499
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by nadia499 » Mon Nov 27, 2017 4:41 pm
Will my p60 show my over time hours and my over time earnings as well.. cuz they haven't asked for my p60 at the moment
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Foggy
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by Foggy » Mon Nov 27, 2017 4:46 pm
nadia499 wrote:
Will my p60 show my over time hours and my over time earnings as well.. cuz they haven't asked for my p60 at the moment


The P60 will show all earned income from your employer, including overtime. Some ask for it, some don't, as the last payslip in any financial year should show the running total and some firms see all payslips anyway.
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nadia499
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by nadia499 » Mon Nov 27, 2017 4:54 pm
But I get separate wage slip for my over time .. but the thing is if overtime shows in the p60 then they will ask for any savings I have or at least 10% of all savings that I have. Although I rang them and they said they only require wage slips and bank statements
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Foggy
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by Foggy » Mon Nov 27, 2017 5:14 pm
As long as you pay in the share of overtime due to the IVA each month they cannot have any of your share if you decide to save it. Where have you heard about them having 10% of savings ?
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nadia499
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by nadia499 » Mon Nov 27, 2017 5:18 pm
So if they don't ask for p60 can I actually hide the savings and the savings account and just show the current account
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Foggy
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by Foggy » Mon Nov 27, 2017 5:23 pm
nadia499 wrote:
So if they don't ask for p60 can I actually hide the savings and the savings account and just show the current account


They can ask for any financial documents at any time. As long as you pay in the 50% of overtime they cannot touch your savings so there is no need to hide it --- and there is no need to mention it either. If, however, you are thinking of hiding overtime you will fail the IVA if found out.
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