Hi
I have posted on here a few times in the past and am still currently in my IVA.
I have been given 10k by a friend to settle our F&F a little early. I will have to pay this back once everything is sorted out.
My IVA company has told me that I will need to show proof of the third parties passport and bank statement showing the money being paid into our account for money laundering purposes. I have sent a copy of the passport wish does not show his face clearly and they are asking for another copy.
My questions are firstly what amount is proof due to money laundering needed (I was in the understanding it was 10k) and also surely the passport number which shows it is official and the third parties signature should be enough. We have been trying to get the F&F since Nov last year and still no meeting has been organised.
Thanks for any help
Kind Regards
Spenmotherhen
Hi
I know that IPs have to do the usual money laundering checks but 4 months is rather a long time and I would think that the passport number and sig would be enough. Best to send another clearer copy to progress your full and final asap
Regards
Thanks very much for the fast reply Andy, the problem we have is the third party is unaware we are in an IVA and we would prefer to keep it that way. He gaveus the loan to help settle some debts, which technically it is. We will have to ask him again and hopefully this will be the end of our IVA fingers crossed.
Could you also let me know how the F&F works?? Is it up to my IP to put a case forward or can we just make the offer through the IP??
Our IP isn't actually dealing with our case it is just one of the supervisory team is this normal to?
Hi
In larger companies it is usual for the admin team to draft the proposal but you IP should give it the once over before it is sent to your creditors. Make sure that you are happy with the wording of the proposal before it is sent out
Regards
Oh thats good, so we read it before it gets sent to the creditors, if we are not happy can we have it ammended??
Also (sorry) we have just had a message from the IVA company to say that they want the passport certified aswell by the third parties boss, to say it is a true likeness, as well as another clearer copy. Surely the Passport is a certified copy from origin anyway.
We have just received this message back from the IVA copany:
As you are aware the figure for money laundering is £10,000 but as it is yourself that has caused the delay with regards to providing this information then the request for money laundering documents will stand.
I have advised your wife with regards to the proposed Full and Final Settlement throughout the process and have been requesting from you money laundering documents since January. It has been your delay in providing these to me that has caused the process to break down.
The requirement for money laundering documents is non negotiable.
We are not governed by a ‘Code of Conduct’ however the Insolvency Practitioner is licensed by the Insolvency Practitioners Association and we are regulated by the Financial Services Authority.
Is this the norm??? I feel quite disgusted by the way this has been written.
Charming hey, the only reason why they have been held up is because we are living outside the UK now and the third party who leant us the money doesn't know it is to end the IVA. So asking for personnal documents from him has been a little tricky to say the least.
Surely the pasport is already a certified document as that is required when applying for one.
They do have to take their money laundering responsibilities seriously - it is tedious, but all firms have to do it. However as they cannot see the person in the flesh, I am not sure why they are insisting on a better quality image - as they have nothing to compare it with!
That was my response, so they returned with we will have to provide them with a statement form his boss certifying that this is a true likeness along with a new clearer copy of the passport. Not all that easy as the third party is unaware we are in an IVA and also now we will have ot bring in another person.
One of the ladies who was very helpful and knowledgeable has just left the company as she doesn't agree with the way they treat the clients!!
