IVA practitioner entitled to access to my bank account statements?

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paul565
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by paul565 » Wed Jan 10, 2018 2:06 pm
Is my current IVA practitioner entitled to access to my bank account statements for annual review even though I have never defaulted or missed any payments?
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Foggy
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by Foggy » Wed Jan 10, 2018 2:16 pm
He is entitled to ask for and be given copies of bank statements, he is not entitled to access your bank details himself. You are obliged to comply with reasonable requests and, in the circumstances, sight of bank statements would be considered reasonable. Refusal could result in the IVA being failed.
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Shaun Vickery
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by Shaun Vickery » Wed Jan 10, 2018 3:27 pm
Hi Paul. Welcome to the forum. It doesn't seem unreasonable on the basis that they are responsible for supervising your finances during the period of your IVA.
redboxtree
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by redboxtree » Wed Jan 10, 2018 4:16 pm
It depends on how they intend to do it and whether how they do it meets the terms and conditions of your bank account.

As an IVA is a contractual agreement what is required of you should be in the agreement. "Reasonable" as a term can only be defined by a court.

Irrespective this is not industry wide practice at the moment and if you do allow it make sure it is access to an account solely used for household bills.
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Foggy
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by Foggy » Wed Jan 10, 2018 4:19 pm
redboxtree wrote:
It depends on how they intend to do it and whether how they do it meets the terms and conditions of your bank account.

As an IVA is a contractual agreement what is required of you should be in the agreement. "Reasonable" as a term can only be defined by a court.

Irrespective this is not industry wide practice at the moment and if you do allow it make sure it is access to an account solely used for household bills.



I think there is some question as to Paul's use of the word "Access" ...in my reply I have addressed "access" as being allowed sight of in the first part and also meaning direct access in the second part. The first being reasonable the second not so.
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Shaun Vickery
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by Shaun Vickery » Wed Jan 10, 2018 4:25 pm
...and just for absolute clarity that's exactly the way I have interpreted it too.
redboxtree
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by redboxtree » Wed Jan 10, 2018 4:41 pm
I would still question the need for bank account statements.

Given that data protection legislation changes between now and 25/05/18 the IVA Supervisor needs to be pretty clear on their legal basis for collecting additional information because if a data breach occurs the new compliance regime can impose fines of up to 20m euros.

It also enforces requirements for justifying why data is collected or used.

It will also be interesting to see how IVA companies appoint Data Protection Officers.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 11, 2018 12:57 pm
Yes they are entitled to it, I can't see why it would breach any data issues.
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