Iva and windfall

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Worried35

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Post by Worried35 » Sat Aug 18, 2018 10:19 pm
If i was to be lucky enough to have a windfall, would my bank notify the IP one amy deposits into my bank account which has now been downgraded a standard account?

Worried35

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Post by Worried35 » Sat Aug 18, 2018 10:20 pm
That should say would my bank notify the IP of any large deposits into my bank account which has now been downgraded to a standard account?

recovering

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Post by recovering » Sun Aug 19, 2018 6:28 am
No but your statements could be looked at during a review. Plus if you don’t tell your IP you could be in breach and fail your IVA.

Worried35

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Post by Worried35 » Sun Aug 19, 2018 8:18 am
recovering wrote:
No but your statements could be looked at during a review. Plus if you don’t tell your IP you could be in breach and fail your IVA.
Thank you for your response

Foggy

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Post by Foggy » Sun Aug 19, 2018 8:27 am
As recovering says, they could see the windfall on your bank statements, which they can ask for at any time, especially at the annual review. These things do have a habit of coming out of the woodwork. Also, if it was fom an inheritance, the executors are duty bound to check and contact your IP before handing over any bequest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Radish

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Post by Radish » Sun Aug 19, 2018 11:55 am
Its very hard losing a windfall when you have been living frugal whilst on an IVA. It happened to me when I had to have £6k over. Money I never expected. The long term picture is that I had debt freedom at the end of it all. I do think that you should be able to keep some of a windfall - there is a rule with overtime and bonuses so maybe there should be something similar with windfalls? even if for the sake of morale during an IVA?
IVA complete March 2014 after 6 years.

Foggy

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Post by Foggy » Sun Aug 19, 2018 12:35 pm
Radish wrote:
Its very hard losing a windfall when you have been living frugal whilst on an IVA. It happened to me when I had to have £6k over. Money I never expected. The long term picture is that I had debt freedom at the end of it all. I do think that you should be able to keep some of a windfall - there is a rule with overtime and bonuses so maybe there should be something similar with windfalls? even if for the sake of morale during an IVA?
There is, Radish, of a sort: If the windfall is less than £500 you get to keep it. I do think that it should be the first £500 of any windfall, but it isn't. I am afraid it means if the windfall is £499 you keep it and if the windfall is £501 you lose the lot.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Worried35

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Post by Worried35 » Sun Aug 19, 2018 2:48 pm
Foggy wrote:
Radish wrote:
Its very hard losing a windfall when you have been living frugal whilst on an IVA. It happened to me when I had to have £6k over. Money I never expected. The long term picture is that I had debt freedom at the end of it all. I do think that you should be able to keep some of a windfall - there is a rule with overtime and bonuses so maybe there should be something similar with windfalls? even if for the sake of morale during an IVA?
There is, Radish, of a sort: If the windfall is less than £500 you get to keep it. I do think that it should be the first £500 of any windfall, but it isn't. I am afraid it means if the windfall is £499 you keep it and if the windfall is £501 you lose the lot.
Thanks, do you know how many bank statement s CF ask for at yearly review?

Foggy

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Post by Foggy » Sun Aug 19, 2018 3:33 pm
How long have you been in your IVA, Worried ? Some CF clients are requested to give them third party access to online accounting --- have you done this ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Worried35

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Post by Worried35 » Sun Aug 19, 2018 5:03 pm
Foggy wrote:
How long have you been in your IVA, Worried ? Some CF clients are requested to give them third party access to online accounting --- have you done this ?
Only started in June, but no haven't been asked to submit anything online, was just adv they would review annualy

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Post by Foggy » Sun Aug 19, 2018 5:05 pm
Worried35 wrote:
Foggy wrote:
How long have you been in your IVA, Worried ? Some CF clients are requested to give them third party access to online accounting --- have you done this ?
Only started in June, but no haven't been asked to submit anything online, was just adv they would review annualy
Take care, because they do sometimes ask for access -- you do not have to grant it though.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Worried35

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Post by Worried35 » Sun Aug 19, 2018 5:32 pm
Does anyone know exactly what CF ask for at the yearly review?

recovering

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Post by recovering » Sun Aug 19, 2018 5:36 pm
Worried35 wrote:
Does anyone know exactly what CF ask for at the yearly review?
It was either 6 or 3 months bank statements
I used to send a copy of my payslip every month as i had uplifts but i ecpect they would want those and or a p60 too

Worried35

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Post by Worried35 » Sun Aug 19, 2018 5:50 pm
recovering wrote:
Worried35 wrote:
Does anyone know exactly what CF ask for at the yearly review?
It was either 6 or 3 months bank statements
I used to send a copy of my payslip every month as i had uplifts but i ecpect they would want those and or a p60 too
Thank you for your reply :)

Foggy

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Post by Foggy » Sun Aug 19, 2018 5:53 pm
It is not possible to be definitive .. one year they might ask for 3 months, another year they might decide 6 --- if they are looking for something they could ask for them all !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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