Question about expenditure

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r0bs0n
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by r0bs0n » Wed May 09, 2018 4:41 am
Foggy wrote:
r0bs0n wrote:
Would they question cash withdrawals at all? Say if I left enough in there to cover the direct debits and the withdrew the rest would they question that at all?



I doubt it. In the early days of my IVA I used to leave enough to cover the DDs etc and withdraw the rest in cash. This I distributed, according to my I&E into envelopes (then progressed to jars) and spent on the various items from there. Later on, as confidence grew, I did the same with the main DD spending left in one cashomnder account and all the rest transferred to a second cashminder account tp spend from. The method or second account was never questioned.


Ahh fair enough, when it came to your annual review did they never ask to see bank statements from the 2nd account?
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Foggy
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by Foggy » Wed May 09, 2018 6:57 am
r0bs0n wrote:
Foggy wrote:
r0bs0n wrote:
Would they question cash withdrawals at all? Say if I left enough in there to cover the direct debits and the withdrew the rest would they question that at all?



I doubt it. In the early days of my IVA I used to leave enough to cover the DDs etc and withdraw the rest in cash. This I distributed, according to my I&E into envelopes (then progressed to jars) and spent on the various items from there. Later on, as confidence grew, I did the same with the main DD spending left in one cashomnder account and all the rest transferred to a second cashminder account tp spend from. The method or second account was never questioned.


Ahh fair enough, when it came to your annual review did they never ask to see bank statements from the 2nd account?


Neither of my IP's did ( I was transferred to another firm when mine stopped doing IVA's), but that is not to say others wouldn't. After my initial I&E and fact find, they were never mentioned again.
r0bs0n
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by r0bs0n » Wed May 09, 2018 7:48 am
Foggy wrote:
r0bs0n wrote:
Foggy wrote:


I doubt it. In the early days of my IVA I used to leave enough to cover the DDs etc and withdraw the rest in cash. This I distributed, according to my I&E into envelopes (then progressed to jars) and spent on the various items from there. Later on, as confidence grew, I did the same with the main DD spending left in one cashomnder account and all the rest transferred to a second cashminder account tp spend from. The method or second account was never questioned.


Ahh fair enough, when it came to your annual review did they never ask to see bank statements from the 2nd account?


Neither of my IP's did ( I was transferred to another firm when mine stopped doing IVA's), but that is not to say others wouldn't. After my initial I&E and fact find, they were never mentioned again.


And you had to give bank statements every year?

Yeah I mean it's not saying that other's won't but it's interesting to see the general mentality of once you're in it and you're keeping to your payments and not bringing in more income and keeping it secret or anything like that then they're happy for you to plod along.
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kallis3
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by kallis3 » Wed May 09, 2018 7:50 am
We had 2 accounts and were only ever asked about one of them.
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Foggy
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by Foggy » Wed May 09, 2018 8:30 am
As long as your are upfront and honest as well as fully cpmpliant, you will get less attention. If you lie and get caught out the microscope will be dusted off.
r0bs0n
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by r0bs0n » Wed May 09, 2018 2:31 pm
Foggy wrote:
As long as your are upfront and honest as well as fully cpmpliant, you will get less attention. If you lie and get caught out the microscope will be dusted off.


That's fair enough! I just wasn't sure how stuff is questioned if I work my money that way! Like if I can get to the point where I have £500-£1000 saved up for emergency/rainy day funds would they want to take that off me?
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by Foggy » Wed May 09, 2018 3:58 pm
r0bs0n wrote:
Foggy wrote:
As long as your are upfront and honest as well as fully cpmpliant, you will get less attention. If you lie and get caught out the microscope will be dusted off.


That's fair enough! I just wasn't sure how stuff is questioned if I work my money that way! Like if I can get to the point where I have £500-£1000 saved up for emergency/rainy day funds would they want to take that off me?


I would think £1000 over the course of the IVA would be the uppermost limit, otherwise your I&E is way off ! Most IP's will encourage a savings habit as part of a healthy budgetting lifestyle, but, there was one who did try to grab a savings pot -- I cannot name then as I am not entirely sure, but might have been one of the charitable organisations. The poster was advise as above but we never got any feedback as to the eventual outcome. as far as I recall.
r0bs0n
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by r0bs0n » Wed May 09, 2018 6:06 pm
I mean if you manage withdraw in cash and have the savings in the bank of mattress they wouldn't know about it / be able to grab it would they? I'm scared of them taking anything spare, I'm the kind of person where I like to know all the eventualities and possibilities before doing something so forgive me for all the questions haha.
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by Foggy » Wed May 09, 2018 6:08 pm
r0bs0n wrote:
I mean if you manage withdraw in cash and have the savings in the bank of mattress they wouldn't know about it / be able to grab it would they? I'm scared of them taking anything spare, I'm the kind of person where I like to know all the eventualities and possibilities before doing something so forgive me for all the questions haha.


They would not be aware of the bank of mattress.
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kallis3
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by kallis3 » Wed May 09, 2018 8:45 pm
We bought a terranmundi and squirrelled away money and smashed the jar on Christmas Day to see what we had saved
r0bs0n
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by r0bs0n » Wed May 09, 2018 10:53 pm
kallis3 wrote:
We bought a terranmundi and squirrelled away money and smashed the jar on Christmas Day to see what we had saved


How much did you end up with if you don’t mind me asking?
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kallis3
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by kallis3 » Thu May 10, 2018 7:36 am
If I remember rightly it was a couple of hundred quid.
r0bs0n
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by r0bs0n » Fri May 11, 2018 7:17 pm
Another random question and I do apologise for it.

In the IVA proposal my car is listed as an asset that needs to be left out as I need it for work and all that which is fairly regular, my question is what happens if I want to change the car? For example I sell that car and buy a different one of similar value (around £2000) as it's a fairly old car so I'm going to assume it isn't going to last forever and stuff, do I have to tell my IP that I've changed car if the payments are unaffected?
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Foggy
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by Foggy » Fri May 11, 2018 7:55 pm
r0bs0n wrote:
Another random question and I do apologise for it.

In the IVA proposal my car is listed as an asset that needs to be left out as I need it for work and all that which is fairly regular, my question is what happens if I want to change the car? For example I sell that car and buy a different one of similar value (around £2000) as it's a fairly old car so I'm going to assume it isn't going to last forever and stuff, do I have to tell my IP that I've changed car if the payments are unaffected?


If you change like for like (or. more likely a cheaper vehicle, as you will not get any finance) there should be no need to involve the IP but it would do no harm to ask the question with your IP now, before it becomes an urgent issue.
r0bs0n
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by r0bs0n » Fri May 11, 2018 8:07 pm
Foggy wrote:
r0bs0n wrote:
Another random question and I do apologise for it.

In the IVA proposal my car is listed as an asset that needs to be left out as I need it for work and all that which is fairly regular, my question is what happens if I want to change the car? For example I sell that car and buy a different one of similar value (around £2000) as it's a fairly old car so I'm going to assume it isn't going to last forever and stuff, do I have to tell my IP that I've changed car if the payments are unaffected?


If you change like for like (or. more likely a cheaper vehicle, as you will not get any finance) there should be no need to involve the IP but it would do no harm to ask the question with your IP now, before it becomes an urgent issue.


I just wasn't sure if they need to be kept up to date with reg numbers and things like that. I've seen situations where a family member has loaned the money to be paid back later so the person could get a car and stuff, and just wasn't sure if the IP needs to be told that a new car has been purchased, as long as it's not that valuable of course.
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