Third party's bank statements and audit needed for F&F offer?

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richard149
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by richard149 » Thu Feb 08, 2018 4:53 am
My brother is considering acting as a third party and paying a sum as a final settlement figure. However, he is concerned about whether he will be liable for anything in the future or if he will be required to submit any bank statements or proof of 'audit' for the sum proposed. Can you reassure him that no one will want to see his accounts or ask for audit details of the payment.
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Foggy
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by Foggy » Thu Feb 08, 2018 7:41 am
He will not be liable for anything connected to the IVA or your debts in the future. However, it is very likely that the IP will need to prove the source of the funds by sight of a bank statement. This can be redacted to hide his personal finances. Each IP differs in their requirements and diligence.
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Lisa Thomas
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by Lisa Thomas » Thu Feb 08, 2018 10:12 am
make sure he is paying a full and final, not a settlement. These are two very different animals and settlement will likely cost a lot more, for possibly no reason...
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