the reason i never mentioned a savings account

[munl]

the reason i never mentioned a savings account is because it is a joint account with my NOW ex husband i dont use it anymore i not used it for at least 4yrs there is no money in it apart from a couple of pound to keep it open .i wanted to know if i started to save with it and i put in £2000 cheque do i contact my ip? or would my ip know about this already? do they contact my bank?as my bank got the authority to disclose my details.

[rayb]

Hi,

They will not know and do not have any access to your account.

However you should be totally truthful with your IP as it is a 2 way thing and as it is potentially a windfall you will have to hand some over if not all.

The idea of an IVA is to pay as much back as possible as you are getting a 2nd chance in life so I would not hide this at all

[Skippy]

I agree with Ray - don't hide anything from your IP. If this comes to light later on there's a good chance your IVA will fail. Use the IVA as a second chance.

[Skippy]

If you're planning on paying money into the account that should actually be paid into your IVA then you are on dangerous ground and I definitely wouldn't advise it.

If you aren't happy about paying as much as you can into your IVA then maybe you should question whether it was the right solution for you.

[Max]

This is from both of us even though I (J) am typing it. Please be absolutely straight with the Insol. Pract. since he or she is trying to help you. By hiding something so important as this is likely to bring you grief. I am not passing judgement - I am just giving a view. J

[Hull_Tiger]

Personally I feel that if you are paying back your debt in full plus fees then I would not tell them about it. Well, that is how I would deal with it anyway.

But this is the problem. You are not paying back the debt in full otherwise you wouldn't need an IVA.
The principle of an IVA is to pay back as much as you can comfortably afford not to swindle creditors out of money.

[mole]

I guess it is a matter for your conscience. As others have stated, the purpose is a new start and agreed proposal betweeen you and your creditors for mutual benefit.

Your original point is an interesting one. If I have setup a new bank account and can successfully save on my IVA (with overtime, bonus, etc) and my balance gets to a few thousand. Is this anyway reviewable by my IP/creditors. If I can build some cash, do I have to give it back.

I'm not trying to cheat anyone, I just want to know, can they see this sort of things using credit reference agencies, etc.

Thanks

[Adam Davies]

Hi
If you can save money from your allowances, overtime or bonus then that is yours to keep, no problem.
As long as you declare all income, windfalls etc and your expenditure is accurate you will have nothing to worry about.
Regards

[MelanieGiles]

A savings account is fine - but where would you be getting a cheque for £2,00 from, or is that a hypothetical question?

[ricbro]

Are you actually in your IVA? If so I would have thought you would need to declare this to keep the honesty going.
IMO

[David Mond]

The so called joint account with your ex husband is fine - but I would tell your IP and I would get your ex husband off the mandate - you would not want him drawing out any money from it would you?

As Melanie asks - where is this £2,000 from?

[David Mond]

Yes sophierose but interest free over 5 years.

Honesty is always the best policy and I don't think it is right to suggest to someone not to be forthcoming with giving the facts as they are not turning a blind eye or telling a big porky pie!

[sophierose]

And it would have been interest free if they had taken me to court to take it out of my salary. They are getting their money back, without the astronomical interest charges. Funny you saying interest free though, because when I asked a question another time about paying off early, I was told that interest may be charged at 8% per year.

[rayb]

Hi Sophierose,

You have to remember that IP's do alot of work so of course costs are going to be factored in to your payments throughout the term.

An IVA is a fantastic way of getting a 2nd chance at life and to at least pay some if not all of your debt back.

If you manage to pay 100% of your debt back then great - it has got to make you feel good - after all we all borrowed it in the first place

[kallis3]

Rayb - I couldn't agree more.

sophierose - I believe that interest doesn't apply anymore.