IVA fraud - undisclosed income, what to do?

arcon5

I bet you wouldn't be saying that if you was one of the creditors being short changed by an unsrupulous debtor!

Yes report it to the administrators, then leave it for them to investigate.

lovinituk

YES! Report them to the administrators. They don't deserve any pity. Hopefully they will get fined and even better, some jail time for fraud.

mysterio_2

i've seen this many many times before......whats the point reporting it if nobody has solid proof of fraud?? the administrators OR's etc would laugh at you & send you on the way

if the OP has NO proof **which they say** leave them alone to their business and get on with your own life

and arcon...I had my own business & ended up bankrupt myself a while ago thanks to a large business debt from someone I trusted not paid..he lived the life of riley afterwards I didnt BUT no bitterness no thoughts nothing...I got on with my life

more important things to concentrate on than curtain twitching 24/7

lee111s

It's got nothing to do with you. Let them run the risk of being found out.

I hate snitches. They're lower than a snakes belly.

lovinituk

lee111s wrote: »

I hate snitches. They're lower than a snakes belly.

But the fraudsters are ok?! What a joke!!

I hate fraudsters, they're scum and deserve everything they get.

rossireps

but theres no solid proof and lifes hard enough without worrying about everyone else

UpToMyNeckInIt

Hi 'This Bloke' welcome to the forum.

You are allowed to own a rental property and be in an IVA. I even know of a professional landlord with 56 rental properties in an IVA. (That's a lot of RX1 forms that need filling out!!!).

I too am in an IVA, a homeowner and have a rental property, which makes me a £3,500 p/a net profit.

Got news for you mate: my IVA company knows about it - indeed this contributes to my income, and consequently what I can afford to pay back to my creditors. I suspect this is the case for the couple you 'know'. (Let's put it this way, it's blinking difficult to 'hide' a house and a mortgage during the IVA application process - a simple credit check reveals all).

That's why I went for an IVA over a DMP: The IVA allows me to keep both properties, my car, widescreen telly and all my assets. It will be done and dusted in 5-6 Years, writing off an estimated £25K in debt and interest.

Going BR or DRO were never an option. Whereas A DMP would have taken 10-15 Years to complete, with no debt written off.

In my case I feel the IVA is worth the aggravation of being insolvent. As for my creditors, well I couldn't give a stuff that they have lost out.

As others have said, best keep your nose out of other people's business until you know the facts.

lovinituk

rossireps wrote: »

but theres no solid proof

Tell the administrator anyway and let them decide if they want to take it any further.

rossireps wrote: »

and lifes hard enough without worrying about everyone else

Surely that's up to an individual to decide how they spend their own time?! Personally I would see it as time well spent if I could get a fraudster in deep trouble.

lovinituk

UpToMyNeckInIt wrote: »

I too am in an IVA, a homeowner and have a rental property, which makes me a £3,500 p/a net profit.

I bet you haven't hidden yours in someone elses name and have the income paid into someone elses account though do you?! If its all above board then whats with all the cloak and dagger?

UpToMyNeckInIt

lovinituk wrote: »

I bet you haven't hidden yours in someone elses name and have the income paid into someone elses account though do you?! If its all above board then whats with all the cloak and dagger?

This is a fair comment (assuming we know for a fact that this is the case, which is questionable at this point).

However, when you are considering an IVA, you are advised to immediately cease paying any more money into any bank that you owe money to, in case they nab it using their right to 'set-off'.

You then have to open a new bank account with a non-creditor institution. If you are smart, you do this immediately because, once you are on the insolvency register, almost all banks will refuse even basic bank accounts. (I personally, only know of 3 IVA-friendly high street names, and that may be no good if they are your creditors).

So it is not unheard of to 'use' a relative's bank account, or even ask a relative to open an account in their name - indeed it is cited as an option for some customers by their Insolvency Practitioners.

Thus even if the couple in question are using a relative's account, it may well be all above board, or a temporary measure until they can secure alternative banking. That's the point though: we just don't know enough to determine if this is 'cloak and dagger' or not.