WIll they need to see bank statements?

timberflake

My IVA ends in August next year. When I went into it, it was made clear that I had no assests ie, house, car etc and still dont. When it comes to my IVA finishing next year, will my IP wanto to see bank statements to see if there is any surplus cash they can have? The reason I ask is because my bank gave me an OD (before I went into the IVA) and they have been increasing it over the last few years. I've really struggled to get by so have used it thinking I could just clear it when I finish the IVA. My IP wouldn't fail the IVA right at the end if they ask for my bank statements and saw this would they?

CobraOne

Hi m8,

No - your IP will not want to see your bank statements at all. They will just pay your creditors and wind up the account when you make the final payment and that's it. You are then on the road to re-building your life and your credit rating.

As you point out - clearing the overdraft is the next big step. Get it done as soon as you can - use the IVA payments you were making to clear it asp. Just consider yourself on a slightly longer term "personal" IVA.

One to note though - you should have declared the overdraft when you took out the IVA so you really shouldn't have it. However, what is done is done so no use worrying about it. Just don't mention it at all for any reason and you will be fine.

Best wishes for next August.