IVA, how far back do they check accounts

Gpat

Hi guys, really need someone's help.

I applied for an IVA 6 months ago after struggling with over 10+ yrs of debt (approx 30k). I've worked 7 days a week since to no avail. It was made worse after having a child 2 years ago and the wife being off for those 2 years (with no income) with son being ill all the time

At the end of the application, they asked me if i had any ISAs or bonds. When asked I was sure my mum had some money in an premium bond under my name (approx 10k). I refused to go any further with the application as I was told my mum's money would be taken from her and I wasn't willing to do that, especially as she worked 7 days a week for the last 30+yrs.

But now I'm struggling really bad to the point it's affecting my health. Does anybody know have far back they check statements? If my mum took this money out, could I wait say 3 months before applying again. I don't want it to look like fraud as it isn't, but I'm sure it would to like fraud to the IVA company. I don't know how to proceed.

Thanks

DCFC79

Gpat wrote: »

Hi guys, really need someone's help.

I applied for an IVA 6 months ago after struggling with over 10+ yrs of debt (approx 30k). I've worked 7 days a week since to no avail. It was made worse after having a child 2 years ago and the wife being off for those 2 years (with no income) with son being ill all the time

At the end of the application, they asked me if i had any ISAs or bonds. When asked I was sure my mum had some money in an premium bond under my name (approx 10k). I refused to go any further with the application as I was told my mum's money would be taken from her and I wasn't willing to do that, especially as she worked 7 days a week for the last 30+yrs.

But now I'm struggling really bad to the point it's affecting my health. Does anybody know have far back they check statements? If my mum took this money out, could I wait say 3 months before applying again. I don't want it to look like fraud as it isn't, but I'm sure it would to like fraud to the IVA company. I don't know how to proceed.

Thanks

So your not in an IVA ?

Hve you tried looking at your spending and cut back ?

Maybe post an soa on the debt free wannabe board.

gash

If the premium bond was in your name, and not your mum's, it isn't your mums money technically. So, if they found it was there they could take it into account. And unfortunately, if it is in your name, it would be fraudulent not to tell them about it.

foxy-stoat

Maybe take the £10,000 and clear a third of your debts, and look to overpay the rest.

Seems crazy to go into an IVA when you have £10,000 sitting there thats yours.

PrettyKittyKat

Why is the 10k in your name? Is this mone your Mum have saved for you to use at some point?

I agree with the other poters - it would be wise to use this money to clear 1/3 of your debts and then look at managing the rest as this will reduce your monthly commitments drastically. Post a SOA's and have a look at the hints and tips on the debt free wannabe boards. It may be that you don't need to consider an insolvent solution at all.