Right to see family members bank account?

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richard726

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Post by richard726 » Mon Mar 29, 2021 12:02 pm
Hi, I have a family member who has gave me the cash for an offer to my creditors. This was out of their personal savings. Has the IVA/creditors a right to see their bank statements showing funds when I have stated it was out of their life savings? With the current data protection laws I find this odd. Please could someone shed light of this please. I have deposited said money into my bank account and forwarded the iva company my bank statement showing this. I await their response. TIA.

kallis3

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Post by kallis3 » Mon Mar 29, 2021 12:12 pm
They just do this for money laundering checks, nothing sinister and they will require confirmation from your donor that the money is only available for a full and final and will not be available otherwise. Your IP company may see this deposit as a gift and take it anyway into your IVA.

You need to speak to your IVA company to sort this out with them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Mon Mar 29, 2021 12:15 pm
As Kallis says, this is for money laundering regulations and the IP is required to carry out these checks.
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

richard726

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Post by richard726 » Mon Mar 29, 2021 1:28 pm
Thanks guy's. Yes, I stated in the email that it's for the full and final offer. Thanks again.

richard726

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Post by richard726 » Thu Apr 01, 2021 5:51 pm
If its life Time savings tho it will not be a single transaction of £5k, it's what they have saved over many many years so what will a bank statement prove? This is very frustrating, I have the money now in my bank to put to the creditors but constant delays. Will a bank statement be the only source the creditors will accept? He could of saved £41 a month for 10 years so would they require 120 monthly statements proving this!

kallis3

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Post by kallis3 » Thu Apr 01, 2021 5:59 pm
You need to speak to your IP to see what they will accept.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu Apr 01, 2021 6:36 pm
Thu Apr 01, 2021 5:51 pmrichard726 wrote:
If its life Time savings tho it will not be a single transaction of £5k, it's what they have saved over many many years so what will a bank statement prove? This is very frustrating, I have the money now in my bank to put to the creditors but constant delays. Will a bank statement be the only source the creditors will accept? He could of saved £41 a month for 10 years so would they require 120 monthly statements proving this!
The purpose of money laundering regulations is to check where the money has come from .... statements showing a gradual growth will do this --- they wouldn't want all 120 ! When money is laundered it usually appears in a lump sum with no explanation as to source --- that is what the regulations are designed to detect.

Ten years ago a letter from the donor, along with ID would suffice. But I guess things change.
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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