I have been reading these forums for a few weeks now but this is the first time I have posted anything. I would like to start by saying what a wonderful support network there is here it has been such a great comfort to me reading all your posts and knowing that there are many others in the same situation as we are
In the last few weeks my husband and I have sat down and really looked at our finaces for the first time in years. We had really started struggling to meet our monthly repayments on credits cards etc as well as putting food on the table for the family. We finally decided that we needed to sit down and see what options were avaliable to us and how we could start to get ourselves out of this mess. We looked at the options and after contacting a couple of companies we were advised that an iva was the best solution. We had already agreed that we thought an iva was the best way forward for us before speaking to anyone, we had done our research including many hours spent reading through the wonderful posts on this forum
We have now just started the iva process filled in all our forms and sent all our paperwork off to our choosen company and have been advised they will be in contact with us within the next few days. I really can't wait to hear from them this really is a nerve racking time as I'm know you are all aware having been there already
Ok sorry I have waffled on a bit there but the subject I wanted to ask some advise about was a new bank account. I'm feeling really uneasy about changing bank accounts, I'm sure it was the same for everyone but I have been with my current bank Lloyds for over 10 years so its really daunting changing. When my husband and I became a couple many years ago we decided to make my Lloyds current account into a joint account adding his name onto my account and all our wages have gone into the account and all bills etc paid out of it since. Before we did this my husband banked with Halifac. He never closed his old account with them so when we new we had to change our account my husband contacted Halifax and asked if he could add me onto his account, we thought this was the simplest way to change banks. This all went through no problem and we now have a current account all set up with them, no overdraft just a current account with debit card. We do not owe any money to Halifax at all. However I have now noticed that Halifax are part of the RBS and Lloydstsb group. Lloyds are our main creditors, we have £29000 debt and £17000 is owed to Lloyds. I am now really worried about the new Halifax account because they are in the Lloyds group does this mean they will close our account when the iva starts? I have not transfered our direct debits or salarys yet, these are all still running from our Lloyds account as we didn't have time to move them this month before the date they were due. I will be moving them for next months payments but I am worried about moving them all over only to be told that they are going to freeze the account. Also if this did happen what would they do with the money we had in the account? When our salaries are paid in I need the money to be there to pay the mortgage etc. I really need to get our saleries out of the lloyds account into a new one before lloyds are told about the iva and freeze the account. I'm just really worried about this frightened that we will lose our wages and not be able to pay our essential bills
Sorry that I have waffled on so much to get to my point
You're doing really well at the moment, you and hubby have obviously thought this through well.
I think the Halifax account will be ok as they are running as seperate banks at the moment. However, it may perhaps be wise to open up another one just in case? Co-op come highly recommended on here and you should be able to get a full account rather than the cashminder if you apply now as it sounds as though you haven't defaulted on any of your payments yet.
One of the experts will be along to advise later.
Can I ask which company you are using?
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
In regards to bank accounts I would certainly say you are best opening another account (Co-Op get some great reviews) to ensure your wages etc dont get frozen, however in any event if in doubt just draw them down as soon as they go in. It will take a while before the IVA process actually feeds down to your bank account so dont be overly concerned at the moment.
Good luck.
PS: Just an observation but I have seen others like yourself that have been given "appointments" to speak to advisers. I managed to get advise from 3 advisers on the first day I enquired about IVA's and by the third day had my IP appointed......seems strange that some have to wait so long.
Last edited by Pennyless on Thu Oct 29, 2009 6:53 am, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Hello Kallis and pennyless, thank you for your replies.
After reading through the forums again this morning I have now applied for a Co-op current account (same as the Halifax one no overdraft just a debit card). I now have to wait to hear if I'm accepted but I don't see any reason why not as Halifax accepted me no problem and I haven't defaulted on any payments yet, infact I have just cancelled all my direct debits after the last payment went our for October so everyone has been paid upto now.
The company I have gone with is Debt Free Direct and to honest I'm already having second thoughts about them. One reason for this is that I have read some poor reviews on the forum about them and another one is that they were really keen to get all my paperwork and forms completed, they even sent a courier to collect them last Saturday. I thought great they seem really good getting everthing going as fast as possible. Since then I've heard nothing at all from them. When I spoke to them initially I spoke to a very nice man, he gave me his name and direct telephone number and tols me to give him a ring anytime I needed to. As I had heard nothing since they collected the paperwork I thought I'd give him a call yesterday just to check that they had the paperwork and everything was ok. The direct number he gave me just put me through to a receptionist. I was then told I would be transferred to the person I asked to speak to but I ended up with another lady who informed me he was on another call and she would be happy to help me. I told her why I was ringing and she just said someone will be in contact in the next few days. I must admit after the things I've read and the service I've received so far I'm starting to think I may have made a mistake choosing them. I don't like the thought of having to deal with a different person everytime I call in I'd rather deal with the same person and that way at least I'd feel like they actually knew my case rather than just feeling like a refernce number. I'm not really sure what to do. Part of me feels like I should ring them, say I've changed my mind and ask them to send my paperwork back but another part is thinking just give them a chance maybe I'm being too impatient. I must admit I did expect at least a call from them to say they had received all the paperwork I sent them. I have already signed an authrity to act form so I'm not sure if I can still back out and go with another firm or not now. Its all so confusing.
Thank you both so much for your warm welcome and advise, its very much appreciated
Hi again, I just wanted to add that I did speak to a couple of companies and the main reason for choosing dfd was because they said they should be able to achieve a joint iva for us as we had a couple of joint debts. This was what we wanted as we just wanted to have one monthly payment to worry about. I think it works out that about £20000 is in my name and £9000 in my husband. This meant that unless we could have joint iva I would have an iva and my husband would have to go onto a dmp as he doesn't have enough debt for an iva on his own. It seemed a better option to go for the joint iva and for it all to be over at the end of the 60 months rather than me completing my iva but we would still have my husbands debts in the dmp to worry about once my iva was completed. This is why we choose dfd as they said they thought could achieve an joint iva for us
I would certainly talk to another IP 3princesses, the IP's who post on forum come highly recommended, all I will say is if you're having doubt now then please don't commit yourself to 5 or maybe 6 years with a company you're not happy with initially. A good IP will discuss all types of debt management for yor Individual case and it may be that an IVA is not ideal for some but you mainly you need to be happy with your chosen company from the beginning as it's a long journey ahead.
A very warm welcome to the forum and do stick around with us, DFD do have a poster on forum who may be along son to reassure you but in any event it won't cost anything just to ring another couple after looking at www.iva.com to get their views on your case.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
There is no such thing as a joint IVA, but they can be made interlocking. If your husband has £9k solely in his name plus the joint debts then interlocking VA's may well work very well for you, depending on the value of the joint debts of course. If his £9k includes the joint debts then that may well be another matter.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
It certainly can't do me any harm to speak to a couple more companies
Does anyone know if signing the authority to act forms ties me into dfd or does this make no difference?
I have debt of aprox £19500 in my name, my husband has approx £8000 in his name and we have joint debts of £1500 so I'm not sure how it would work. One company I spoke to said it would be best for my to do an iva but my husband would have to do a dmp as he doesn't have enough debt for an iva. Dfd sais they should be able to join both our debts together because of the £2000 of debt we had in joint names
As far as I'm aware you are free to change companies up until your IVA has been agreed - although I certainly wouldn't recommend leaving it that late!
Seriously, if you're not happy with the company you have chose please speak to someone else. 5 years is a long time, and if you're not happy at the start there's a good chance your IVA won't last the course.
Your husbands debts, on their own, would generally not be enough for most IP's to consider viable for IVA. Some firms, though, will look at these types of cases. I have done many, and fair play to DFD if they are willing to take the same viewpoint.
Ultimately the choice is yours, as long as you are happy with whatever route you choose, and if you do go down the IVA road then your chosen provider as well, then that is the main thing.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Has the company you have chosen to represent you completed a detailed fact find with you either on the telephone or on a face to face basis, or have they merely sent you forms to fill in and a list of paperwork to return?
There is no harm in trying other company's to compare the advice provided and the level of client service afforded. I would certainly consider interlocking IVAs as well, as these are generally accepted now by most creditors and their voting representatives.
3princessess you do right to "shop" around and see what alternatives are out there. It's all well and good completing paperwork at this stage but until you hear back from the Company then you will not be sure where you stand and I would think you will still have lots of questions.
It costs nothing to ring around and on these posts alone you have some very very good IP's.
Both Melanie and Size5 would certainly be on my call list.
Good Luck.
I came into this world with nothing and still have most of it left!
I completed detailed income and outgoings forms with debt free direct on our inital phone call as well as details of all the creditors. These form where then sent out for us to go through and check and forms to sign. They were brilliant upto this stage and I've heard nothing since. I tried to contact the person I spoke to initially and was unable to speak to him. I got through to someone else in his department and was simply told that I would be contacted shortly once they had looked through the iva propsal. I just feel really uncomfortable and completely in the dark as to whats going on. I do feel like moving to a different company but I also feel trapped with dfd as they have all my paperwork payslips etc and I assume they have started to put my proposal together. I think I will try to call them again this morning and see if I can speak to the person I originally spoke to. If not and I still end up feeling lost I think I'll contact another company
Melanie I did originally speak to your firm and spoke with Tina. Although we didn't get very far along we I did email her my income and outgoing figures etc on a spreadsheet she emailed to me. I had arranged a telephone appointment with her for the next day, unfortunatly a family member was unwell and I completely forgot about my appointment with Tina. It was only after the family crisis blew over a number of days later that I actually heard Tina's mesage on my answer phone and I was so embarassed that I had completely forgotten that I never called her back. Tina has said in our initial call that she didn't think an linked iva would be possible for us although she hadn't really had chance to look through the details of our case it was merely just from what i had said to her on the phone so I don't think it was a definate no. With the fact that I missed my appointment with her and the fact that dfd were saying they should be able to link our iva's together I just jumped in at the deep end really and went with them. Now I feel really silly and that I have made a huge mistake. I only have to read all the womderful comments on the forums and see all your posts to see your emtreme commitment to the cause and I know I would have been a lot better off with your company than I am now. I should have just rung Tina and apologised for missing my appointment, silly girl
Melaine when you speak with Tina could you please send her my sincere apologies for missing my appointment, it honestly wasn't intentional and I should have had the courage to ring her and apologise. Thank you
