Currently on a payment break and things have taken a turn for the worst

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Vanellope
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by Vanellope » Tue Aug 29, 2017 2:55 am
I have spoken to my iva company about settling my iva. I'm currently on a payment break as my circumstances had changed and i was hoping things would be temporary but things have taken a turn for the worst and my income will not improve as my health has now been affected. My parents have offered to give me £1000 with the hope my creditors will except. After a call last week to my iva company he told me that if the iva was to run to term the payments would amount to £2400 and that there would be a £300 to £400 fee to arrange the creditors meeting. They have asked for bank statements from my parents to prove they have the money they are not happy to show this as I'm assuming they have a bit in savings which I'm not even privvy to and i wouldn't even dare to ask and I guess they're worried that they will ask for more money. The iva will ultimately fail as I can no longer make any payments towards it. Anyways I guess I'm just looking for some guidance how I should approach the situation please
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kallis3
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by kallis3 » Tue Aug 29, 2017 7:55 am
Hi,

Bank statements are usually asked for to check for money laundering. Your parents can blank out any savings. You must make it clear that the money is available for a full and final only and will be withdrawn if not accepted. See how your first offer goes.
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Foggy
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by Foggy » Tue Aug 29, 2017 8:19 am
The IP has to satisfy him / herself that the money is, in fact, from a third party and is ready to be paid over. As Kallis says your parents can redact the statement to show only what the IP needs to see.
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Michael Peoples
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by Michael Peoples » Tue Aug 29, 2017 11:00 am
Your parents could make the payment by debit card to the IP now on the strict understanding that the funds will be reimbursed if the variation is rejected. The IP then has confidence that the funds are available from a third party and your parents do not need to show their bank statements.
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