An Individual Voluntary Arrangement (IVA) is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time. As part of the IVA process, you will be required to provide information about your income and expenses, including your bank account information. This information is used to create a budget that outlines how much you can afford to pay towards your debts each month.
Your IVA provider, also known as an insolvency practitioner, may request that you provide regular updates on your financial situation, including information about your income, expenses, and bank account balances. This is to ensure that you are meeting the terms of the IVA and that you are making the required payments towards your debts.
It is important to be honest and transparent with your IVA provider about your financial situation. If you are unable to make the required payments or if your circumstances change, it is important to communicate this to your IVA provider as soon as possible. They may be able to help you to adjust the terms of the IVA to reflect your new situation.
If you have any concerns about the level of access your IVA provider has to your bank account or financial information, it is a good idea to speak with them directly to clarify the terms of the IVA.