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Mxlee8

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Post by Mxlee8 » Thu Apr 11, 2019 12:14 pm
First of all, thanks foggy and kallis for constantly replying and driving you mad 🙈.

I just want to clear somthing up. I currently bank with natwest but also hold a instant saver with them which shows on my online banking. If I withdraw my money at the bank and pay it into my saver manually ( not transfer it ) would this be untraceable as to i have money in my saver as nothing will show on statements of my current account.

Please correct me if I'm wrong and also would be okay to do?

Many thanks

Foggy

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Post by Foggy » Thu Apr 11, 2019 12:36 pm
The thing that occurs to me is why do you want this savings account to be untraceable ?

If you are making genuine, modest, savings from your agreed allowances and shares of extra income there should be no issue. If you are getting undeclared income from anywhere -- and purely as a hyperthetical observation only --- it would be best stuffed under the mattress ! However, if this income stream comes ro light it could see the IVA being failed.

The answer to your question, "Would this be OK to do ?" depends on your reasons for doing so.
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

kallis3

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Post by kallis3 » Thu Apr 11, 2019 12:52 pm
I agree with Foggy - you can save a modest amount from your allowances but anything else should be declared.
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

abbiesmum2003

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Post by abbiesmum2003 » Thu Apr 11, 2019 3:56 pm
I had natwest and instant saver during iva and still do now.
We would put a small regular amount into our savings from unused genuine allowances then transfer back again when things were tight. Was never questioned.
You can and are encouraged to have savings.
Obviously these savings need to be honest and from genuine sources but no reason why you cant have them

mumof3

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Post by mumof3 » Tue Apr 16, 2019 2:17 pm
We have a savings account and transfer money in to from our current account.
We transfer over our half of any over time that we might get in to this account. We are hoping to take the kids on holiday if we can save up enough. We are guessing this is ok as we pay over 50% of overtime to the IP.

Foggy

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Post by Foggy » Tue Apr 16, 2019 2:35 pm
Tue Apr 16, 2019 2:17 pmmumof3 wrote:
We have a savings account and transfer money in to from our current account.
We transfer over our half of any over time that we might get in to this account. We are hoping to take the kids on holiday if we can save up enough. We are guessing this is ok as we pay over 50% of overtime to the IP.
What you do with your share of overtime is entirely up to you, as long as the creditors share is handed over.
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

mumof3

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Post by mumof3 » Tue Apr 16, 2019 4:55 pm
Brilliant, I thought that was the case but I was worried if they would want more money if we built up quite a bit. :)

Lisa Thomas

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Post by Lisa Thomas » Wed Apr 17, 2019 8:16 am
They might question how you have been able to save so much and consider whether there is an issue with the figures disclosed on your I&E and whether there needs to be an increase in your contributions.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Wed Apr 17, 2019 9:04 am
Wed Apr 17, 2019 8:16 amLisa Thomas wrote:
They might question how you have been able to save so much and consider whether there is an issue with the figures disclosed on your I&E and whether there needs to be an increase in your contributions.
Surely, Lisa, if the account has been funded by overtime shares, correctly accounted for, they have no cause to increase contributions. It would be a different matter if, say, you were claiming shopping at £250 per month and only spending £100 ---- but your share of overtime, as agreed, is yours.
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

mumof3

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Post by mumof3 » Wed Apr 17, 2019 8:07 pm
Wed Apr 17, 2019 8:16 amLisa Thomas wrote:
They might question how you have been able to save so much and consider whether there is an issue with the figures disclosed on your I&E and whether there needs to be an increase in your contributions.
Our savings are purely from share of overtime. So I would hope they wouldn’t question it :)

kallis3

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Post by kallis3 » Wed Apr 17, 2019 9:09 pm
You should have no problem,
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

Lisa Thomas

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Post by Lisa Thomas » Thu Apr 18, 2019 8:18 am
In which case that should be fine, assuming the other share has been paid into the IVA.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

mumof3

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Post by mumof3 » Fri Apr 19, 2019 7:51 am
Thu Apr 18, 2019 8:18 amLisa Thomas wrote:
In which case that should be fine, assuming the other share has been paid into the IVA.
Yes. Last year we paid over more in overtime and bonuses to the IVA than what a year of monthly payments came too.
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