Statements - Where does the money go

[Cairo]

I have recently requested my IP for a statement regarding what payments have been made to my creditors.They have refused to do this. Are they entitled to withhold such information.

[MrsR]

Interesting question.

Doesn't the information get sent out as part of the review ?

[Niobe]

They should send you out a statement each year after your annual review.

[Foggy]

I do believe, though stand to be corrected, that they are only obliged under the terms in the proposal (assuming it follows standard protocol) to issue a statement annually, as Niobe says, after your reviews.

There is, however, nothing preventing them from being helpful at other times, except their own policies and attitudes.

[Niobe]

If you're with a company such as Payplan then they have a brilliant site where you can check on the progress of your IVA.

Pity not more of them do this. I know exactly what has been paid out.

[Foggy]

Yes, Niobe, that is a bonus with Payplan. Though probably the smaller companies would struggle to fund such an enterprise.

Of course, the smaller, more helpful firms might have no need as they can often provide the information on request.

[Niobe]

On the other hand - the bigger companies such as GT could take a leaf out of their book.

If one of the bigger ones can do it, then so can the rest.

[Foggy]

Very true Niobe -- it would also be a step toward addressing some of the communication issues the larger firms seem to be suffering from, at least in part.

[MelanieGiles]

Certainly not! I find it incredible that you are being denied such basic information which should be available to you at the press of a button. Which firm are you with Cairo?

I don't think that most IP firms need the same system as Payplan. If any of my clients need information at any time, and they ask for it they get it. We don't receive sufficient remuneration to invest in expensive systems in the commercial sector unfortunately.