question category: IVA

I am due to sign up for an IVA in 2 weeks but have today agreed a £5000 ppi settlement
Submitted on: 16th Jun 2009 by Non-Member | Total Answers: 1

I am due to sign an IVA in the next two weeks,but have today agreed to accept a £5000 claim for mis-sold PPI insurance.Can i bank this money and not notify the IVA firm as i have not yet signed the agreement yet,and can anybody check how much i will have in that account.

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: I am due to sign up for an IVA in 2 weeks but have today ...

When you enter into an IVA you list all your assets . They are in the appendices of the proposal. If you don't tell your IP about them and it is later found that you hid your assets the arrangement is likely to fail and you could be bankrupted.

The most obvious way for your IP to find out would be if your creditor tells them. IVAs are reviewed regularly - you have to submit statements for all accounts you hold and IPs are good at spotting discrepancies.

I'm not saying you definitely wouldn't get away with it, but I am saying you definitely shouldn't try if you really do want an IVA. It this stage the IP is still your professional advisor and you should discuss your situation with them.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 16th Jun 2009 by Darren Member

0
 

Post new comment

The content of this field is kept private and will not be shown publicly.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation