any success stories

[amyc]

I am looking into getting an iva. i had a 30 minute conversation with a iva company today and they say they are confident they can sort my debt out. Should i go for it or am i jumping in to soon. is there anyone out there with an iva success story. also i have been told i need to change my bank account because some of my debt is with the bank that i hold my current with. is it an easy chnage or am i likey to have troube finding one. any help would be greatly appreciated.

[MelanieGiles]

I guess it depends on whether you feel that you want to pay back some money to your creditors, or whether this is not really a high priority. If it is, then an IVA is the most certain type of insolvency procedure - the trick being to make sure that you can comfortably afford the suggested payments in the first place.

There are many IVA success stories, but also a lot of sad cases of failure as well. I personally would have a good think about things over the next couple of days, and maybe speak to one or two other companies to see if the advice given is consistent.

Most of my clients, and other forum posters, do manage to get new bank accounts opened fairly easily.

[Julie]

Hi Amy - yes there are success stories and many people have concluded IVA's.

With the bank account - its pretty normal to have to change, if you can tell us what bank you're with now and who your debts are with, someone will suggest a suitable bank for you.

I would advise you to contact more than 1 company before deciding if an IVA is for you. It is so important to get an IP you're confident and comfortable with. It'll prob take more than 30 mins to determine this.

xx

[amyc]

i have debt with royal bank of scotand and barclays but i believe alot of banks are inked so its hard to determine where to go. i was thinking of the co op but can it be done online. i know this probaby sounds silly but what is an IP. i dont know any of the jargon. realy dont have a clue lol. x

[Julie]

Ooops sorry Amy, I shouldn't use abbreviations. I'm not sure if you can apply for co-op on line...I'll try and look that up for you.

An IP is an Insolvency practitioner - basically whatever company you go with, will appoint you an Insolvency practitioner (IP).

As you've probably gathered there are quite a few companies out there and it is important you find the right one for you. Why dont you contact Melanie or David who post on here for some initial free advice?

I've just had a look and you can apply for co-op online

xx

[amyc]

thank you thats a great help. want it sorted and its great to know ther are other people in my situation. was beginning to think i was alone. do you know if you have to personaly attend the meetings yourseves or whether its all done by phone and post. and do you have to have a solicitor. sounds like scary stuff. x

[MelanieGiles]

You do not need a solicitor, and everything can be done by phone or post if you prefer not to have a meeting with your IP - however this will have to take place if you are self-employed.

[Julie]

Amy - no you will not have to attend the meeting nor do you need a solicitor for an IVA. The Insolvency practitioner will present your case and act for you.

It does sound scary, but you've faced up to the problem of debt and thats a massive step in the right direction [:)]. If you want to post more about your level of debts, we can advise more.

The best thing for you to do is contact some more companies - you are not alone, we are all on here for various debt reasons and will help you all the way xx

[amyc]

thank you. i will get on the phone tommorow and have a chat with a few other companies. i will keep you all informed as to what happens. thank you for your time

[Mandi]

Can you tell me why you have to have a face to face meeting with your IP if your self-employed?

Thanks.



Amanda

[kallis3]

If it's the basic cashminder account Julie, you can't apply for it online, it's either over the phone or in a branch.

[Julie]

Thanks Jan...sorry Amy, you may have to phone for an account. Don't let that stand in your way though.

Amanda - I think self emloyed have face to face meetings because their accounts are more complex.

[MelanieGiles]

The rules governing the insolvency profession stipulate that a face to face meeting with self-employed persons is an essential part of the process, to aid the IP's understanding of the business and how it is run.