A friend is in an IVA and has just recieved a sum of money from a relatives estate, she is trying to hide this money using another account. should she do this or is this against the law.
Hi there and welcome to the forum, I would say this is against the terms of her IVA as she will most probably have a windfall clause written into this. One of our experts will be able to answer this as to the repercussions as I feel it's best to be upfront with your IP about these things and then there are no nasty surprises during your IVA journey. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
She should have notified her IP once she became aware of any imheritance and she could get into serious trouble. Wills are a matter of public record and she should immediately inform her IP and pass the money over. If she needs some for a specific purpose such as house or car repairs, this may be possible but she must inform her IP.
Definitely not the done thing to try and hide money.
You should never lie about anything like this.
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
I agree Ray especially since had she received the money pre IVA she would have almost certainly used it to repay debts. Now she is in an IVA the same should apply. Creditors have as you say given her a second chance and she is the type who brings disrepute on the whole insolvency business.
We should all be upfront and honest about any money we receive during an IVA.
There is always the possibility of your IP checking your credit record and it showing up as a large amount of money in a different bank account.
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
Is that what a credit check can do? Not that I've a large amount of money anywhere, just find it amazing people can see how much you've got in which bank?
I've never checked my credit file as believe it or not it was excellent until I entered the IVA so don't have a clue what it should look like. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
As mel as said in the past IP,s have ways of checking clients funding,if this sort of thing is proven,then the person would be in breach of the iva,which is governed by the court.it states in the terms and conditions that giving false information,that is classed as fraud can result in a prison sentence.
Last edited by MRBLUESKY on Tue Jan 25, 2011 2:57 pm, edited 1 time in total.
My bank account used to show what my balance was at the time they updated it. Whether it still does I have no idea. It was a few years ago!
I only used to check mine regularly as I'd had my details stolen in the past. Good luck to them if they want to try and do it now!
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
Was that a Halifax card? If so then they should be able to do that.
My credit card balances always showed on my credit files, as did the mortgage, store cards, catalogues, loans.
I used to like watching the mortgage and secured loan balances go down!
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
Good God - can someone help this girl find her self respect? It should absolutely go towards repaying her iva - you can call it fraud or theft bt either way it is wrong on every level.
I've phoned cleardebt today to arrange to pay over less than £25 from my overtime!!! I'd not have the nerve to hide money if I had any!!!
So much debt is being written off - over 50% in my case - I'd gladly pay over anything extra. People need to appreciate what they're not having to pay and not focus on what they are paying.
It is amazing reading the replies and seeing just how honest (I don't know if "honest" is the right term though) everyone has got over paying back our debts. I would be in more of a sweat if I had an extra £30 let alone a big windfall, hiding it would be the last thing on my mind.
