Frank - I agree it is a very alien feeling to stop paying. However, you have made a decision to enter into an IVA. By not paying for a month or two while it is being set up you can maybe save a little as a contingency fund.
Once the IVA has been accepted then you can relax! Recovering has struggled to get through parts of the process. We all have different ways of dealing with things and it's always good for people to see that not everone finds the process a breeze but you do get there in the end!
Frank - there really is nothing to worry about, and trust me that when you have handed your case over to a professional you will feel so much better. Not all companies will contact your creditors immediately - we do as a matter of course - but I have to say that this rarely stops them chasing, so don't be too disappointed if this happens, but be encouraged that at least you are doing something about it.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Frank.ff
Is the Yorkshire Bank connected to Barclays? I have to avoid Barclays Bank - a shame as I've been with them for 25 years.
Frank, I was with Barclays for over 30 years.
when there fould out about my iva there sent a letter,
saying I would get letter telling me to pay now.
but not to worry as There knew I could not pay and would be putting forward a iva soon.
but they had to send the letter out bylaw. -----------------------------------------------------
I got my new full a/c with netwest also have a savings a/c with them. To put money away each week then move it back when payment due for that month.
IVA now over with and it was worth it.
now starting my life again,
Frank, i found not paying creditors very difficult as my hubby had built most of our debt up in secret. i thought everything was up to date.
in reality he'd set up a large overdraft on our joint bank account(in secret),nothing was "up to date".
i found stopping payments upsetting/uncofortable. BUT,with hindsight it really was the best thing - we saved every spare penny during set up for our emergency fund - we've had electrical things break,fence repairs with the storms,people have cars break down.
creditors will try to press you for payments,even £1 token payments. these will make No difference to your IVA being accepted - we had some bullying calls but it made no difference to the IVA being accepted.
very important - once you go ahead with the IVA all creditors must be treated the same - you can't pay 1 & not another.
Kazza, thanks for info re bank account with the CO OP, hubby tried to pay a cheque in at the Post Office & was told he couldn't.
Nothing stays the same...everything changes..hang on in there!
Hi Rosepetal - yeah you need those envelopes! The post office do not open them they just give you a receipt and send it off. If can take up to 6 days doing it that wasy, however our nearest branch is 30 miles away and I don't have to pay in too often so not a problem for me.
Wednesdays are my late evening at work so I've just got in. Thank you so much for all you encouragement. I've settled on a bank account, hopefully it's going to be the co-op. there is a branch close and it seems to have everything I need. I talked it all over with my wife and that day she had also brought home info on the co-op.
I am currently paying £2500 in loan repayments a month so not paying would be a great deal of money to save. But, I am really so nervous of two things:
1) As I said above 3 loans are registered at my work. I presume if I change address now they won't think of contacting me there (This must not happen)
2) I cannot under any circumstances at all get a CCJ. If I did then it really would be game over as I could not work. If we are talking a couple of payments, I am presuming 2 months, can a CCJ be drawn up and sanctioned in that time ?
I know this has to be done, 1000's of people have gone through it and come out the other end happy and content. To be honest I can't even remember what feeling normal would actually feel like!
Hi Frank, glad to hear that you are starting to sort things out. Our IVA took 5 months to set up (namely because we had so many creditors - in the high 20's) at the time one company tried to enforce court action against me. However this never happened despite the fact that I filled in the court papers as requested. I believe that once the company knew we would be an IVA imminently then they just ceased pursuing court action. I believe that sometimes IP's can request a stay of any court action but perhaps somebody more experienced than me can elaborate on that.
We are all in the gutter but some of us are looking at the stars - Oscar Wilde. My blog: http://car1e.blogs.iva.co.uk/
Change your details now on the website so they cannot contact you at work.
If you are going to go for an IVA and there is any threat of court action then your IP can apply for an interim court order so that nothing can happen prior to a creditor meeting (or afterwards if you are approved).
Just make sure you get the application rolling as soon as possible.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Good progress made so far - and each day you take the process a little further will lighten the burden a little. Best to get your ducks in a row before taking the plunge, and the sourcing of new banking facilities is a priority. Well done.
Hi I just realised how many other people have read about my mess! have to say when I was actually doing something i felt better..think i may have control issues! I'm not there yet but I so want to be! and to be able to tell you how it's worth it in the end..fingers crossed for you and me?
recovering - that's the reason why all your posts are important. They help others who are in the same position and they begin to realise they are not the only ones struggling!
Frank, so glad you're going ahead - you'll know from experience putting it off just allows the debt totals to grow - like a weed!
great you're getting banking etc sorted out,your wife's a star to be so encouraging. it's not unusual for threats of baliffs/CCJ's etc to be made - we had them,i was scared to death - but,i've NEVER seen a post where this has happened,it's just scare tactics.
Recovering, i was a wreck,you aren't alone in being so scared,you should be proud of yourself for getting help - there will be many people the same who never have the courage to post.
you're going to be fine,things are moving for you. who know who your posts might have helped???
Nothing stays the same...everything changes..hang on in there!
Recovering the one thing you really see when reading your posts is how supportive people have been, its great to see you are not alone.
The worst bit is knowing it's so real - your feelings so real and I could almost feel how you were (are) feeling. This is good therapy for me as it's actually spurring me on to getting it done as fast as possible now.
We've all been scared and thought we were alone. This forum is great for support and advice and I'm sure we've bled am awful lot of people who never post but just look in.
Good luck Frank, glad you're clear now about what you are going to do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
