questions?

[JENNA052]

Hi everyone
Im just wondering regarding 500£ rule of credit and windfall, so do you not have to tell your IP if you win say 470 on a scratch card? and you dont have to mention borrowing 100 pounds from a loan or fam member?

Also what about gift money? so i have 3 kids and especiall at kitchen time, my mum and dad kindly transfer me money to help with xmas and bday presents as all my kids bdays are in December, days before xmas. So they like to help out. They also like to treat me and my partner and usually give us 300 for a weekend away each year. Does gifted money need to be notified?

Also every month my mum pays for me and my partner to have a Take Away each friday night and will transfer 20 pounds each week before lockdown she would gift us money to go on 'date nights' and family meals out, is this going to be an issue? She likes to treat us as we are on a low income and wants us to still be able to enjoy ourselves.
Do i need to explain all that or just explain it on the annual review?

Also why do some people have to give in there last 3 monthly bank statements as an annual review and some people just dont even do annual reviews? (ive read on here some people havent been contacted the whole time thru there iva only and contacted at the end to sign off) and some people have to do annual reviews and give there 12 months bank statements, pay slips of partner, utility bills etc.. how can it go from one extreme to another

ALso Im with the insolvency group (https://www.theinsolvencygroup.co.uk/) has anyone been with these? how was your experience? Im only months into my IVA. Thank you for reading all this! Look forward to replies. Sorry i know its a lot! Lol
Jenna

[Foggy]

As long as the windfall is below £500 it need not be paid over to the IVA ( £501 and the lot has to go, not anything over the £500).

Credit-wise, you are allowed credit not exceeding £500 in total .... remember that car insurance, utility bills, mobile phone contracts all constitute credit and could easily cover the £500, so loans on top are usually a no-no. IP's rarely keep account of these things though, but the best way to handle it is no borrowing at all.

Regarding the treats and gifts -- it would be simpler if mum just slipped you a few quid in cash every now and then .... regular amounts appearing in your account might be questioned, but I imagine your reasoning would be OK.

As for review requirements -- these differ from IP to IP and depend on what they prefer and what they deem they need .... one IP could ask for 3 months wage slips for three years and then, suddenly, decide they want 12 months slips and bank statements one year ! Those IPs that do not carry out any reviews are open to complaints and sanctions as they are ignoring their statutory responsibility and, sometimes, this goes pear shaped for both IP and debtor alike !

[JENNA052]

Hi thanks so much for your reply. So with the annual review.. This is my iva and my debt. My partner has nothing to do with my debt but his income is obviously part of the household income which my iva is based off of. Will they aks for his payslips at the annual review? Will they ask for his bank statements at my annual review?
I keep asking a lot of questions I just desperately want to do everything right because failing the iva would be a nightmare.
Thanks again
Jenna

[Foggy]

Usually, the solvent partners income is only asked about at the start to work out the fair share of expenses and their finances are not examined further, so his statements, wage slips etc. are his business going forward.

[JENNA052]

Hi thank you for your reply. Sorry for the delay in replying back! going back to the 500 pnds windfall or scratch card win, you said if its 501 it would all have to go towards the IVA. is this the case if my partner wins on a scratch card or inherits 500 pounds etc?
Thank you

[Foggy]

If the IVA is in your name only his finances are his business, so if 'he' wins on a scratchcard the money is his.

[JENNA052]

Thankyou. even if his earnings are in the household income? Does this mean that if he gets a pay rise he is able to keep his money and it doesnt have to go to the iva? But if i get a pay increase then my extras would go to the iva ? hope this makes sense. sorry for so many questions. i really appreciate you taking the time to answer me

[Foggy]

They should not include his income in your calculations. Your IVA payment should be based on your income only, unless you are with Payplan, who do use household income, or another firm that does the same --- which, effectively, means he is paying your debt.

The only reason most firms want to know the partners income is to work out your share of expenses ... if you earn roughly the same and, for instance, you spend £400 a month on food, then your share would be £200. If he earns much more than you, your share of the expenses would be proportionally less. In many cases the partner refuses to divulge these figures, in which case a 50/50 split is assumed.

In a standard individual arrangement the solvent partners finances are of no concern of the IP and they have no right to be told. However, your arrangement might be on a different basis and only your IP can clarify, as we have limited knowledge of the circumstances.

[JENNA052]

Thanks again for your reply. It really helps me

[JENNA052]

Sorry me again
I'm my agreement in the I and E it's based on the whole household income and not just my income. It has my partners there too. Is that normal?
I'm with the insolvency group, do you know of them or anything about them? In my agreement would it state clearly my partners involvement if he were to be involved in my iva?
I feel like I've gone into this blind and stupidly haven't read into any of it. It's all I think about. :'(
Thanks again

[kallis3]

As Foggy said, it is used to work out your amount payable to the IVA. Other than that your partner has nothing to do with your IVA. If one of his relatives leaves him a windfall it is his to do whatever with and you do not have to inform the IP. We all worry at the start and have a million things running round in our mind but it will get better once you settle down into it.

[JENNA052]

Thanks for your reply. How do I find out who my IP is?

[Foggy]

Name
Mr Mark Prideaux
Company
The Insolvency Group Ltd
Address
Initial Business Centre, Wilsons Park, Monsall Road, Manchester, M40 8WN
Telephone
0161 543 2310
Fax
IP Number
9296
Licensing Body
ICAEW
Email
mprideaux@theinsolvencygroup.co.uk

[JENNA052]

Is that my ip? Is there only 1 ip per company? Sorry I'm so new to this. Thanks again

[kallis3]

That is your IP - just phone or send an email.