Iva and windfall

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Worried35
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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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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?
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recovering
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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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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
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Foggy
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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.
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Radish
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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?
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Foggy
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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.
Worried35
Posts: 8
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?
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Foggy
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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 ?
Worried35
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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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Foggy
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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.
Worried35
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by Worried35 » Sun Aug 19, 2018 5:32 pm
Does anyone know exactly what CF ask for at the yearly review?
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recovering
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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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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 :)
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Foggy
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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 !
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