Have my creditors meeting on 11th Feb with 3 debts, one if which being Halifax who I have a small loan with. I also bank with them. They have frozen my current account as of today. When I spoke to a phone advisor they told me to go to a branch and have my solicitor male contact with them. The advisor sounded foreign and through broken English I assume that by solicitor I think she means the IP supervisor?
Am I likely to get access to my funds at all once the IP gets in touch with them? I have direct debits and the obvious living expenses to pay...
They should not have frozen your account. Possibly whoever pressed the computer button was mixed up with bankruptcy proceedings where the OR takes temporary control. Pop into branch and educate the manager.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:They should not have frozen your account. Possibly whoever pressed the computer button was mixed up with bankruptcy proceedings where the OR takes temporary control. Pop into branch and educate the manager.
That's what I had thought too. The IP put IVA proposal through to the creditors with a comparison to the return they would get compared between the IVA proposal and bankruptcy proceedings. The IVA proposal was a large lump sum (funded by a 3rd party) compared to the much smaller amount they would get if the IVA wasnt approved.
Could it just be the case they have made an error?
Foggy wrote:They should not have frozen your account. Possibly whoever pressed the computer button was mixed up with bankruptcy proceedings where the OR takes temporary control. Pop into branch and educate the manager.
That's what I had thought too. The IP put IVA proposal through to the creditors with a comparison to the return they would get compared between the IVA proposal and bankruptcy proceedings. The IVA proposal was a large lump sum (funded by a 3rd party) compared to the much smaller amount they would get if the IVA wasnt approved.
Could it just be the case they have made an error?
Thank you
It is an error I have seen made a few times, so this could be a repeat.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As soon as Lloyds got papers about the IVA meeting, they froze an account of mine. I had to go into branch and an advisor there rang through to to my IVA team (who didn't even ask to speak to me, just if I was present) Once they said they had no interest in the account, Lloyds then released the funds into a different account and closed it. Unfortunately it happened to be a joint account, which the other party still used and hadn't removed my name from as requested, and he was without funds all weekend as it was only realised the account was stopped on the Friday night and IVA team weren't available until Monday.
Mrs_Brown wrote:As soon as Lloyds got papers about the IVA meeting, they froze an account of mine. I had to go into branch and an advisor there rang through to to my IVA team (who didn't even ask to speak to me, just if I was present) Once they said they had no interest in the account, Lloyds then released the funds into a different account and closed it. Unfortunately it happened to be a joint account, which the other party still used and hadn't removed my name from as requested, and he was without funds all weekend as it was only realised the account was stopped on the Friday night and IVA team weren't available until Monday.
I'm hoping that the same line will be taken tomorrow, practically all of my salary is in the account. I know I shouldn't be so surprised but it's really been a gut punch today. I didn't know til I tried to buy £3.30 of McDonald's coffee with my debit card...
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
SteveUK wrote:Do IPs not advise people to set up another bank account at the start and get wages paid in there? I'm sure Payplan did with us.
You will only be advised to do this if one of your creditors is the bank you are with, or is in the same company group as your bank, due to the possibility of offsetting. Also advisable if you are with HSBC or First Direct, as they are known to close accounts arbitrarily at the sniff of an IVA. An IP should make you aware of the possibility.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just back from Halifax. The lady there moved all of my funds across to a basic bank account that I have had for a while as a reserve. She was very understanding and helpful
Just back from Halifax. The lady there moved all of my funds across to a basic bank account that I have had for a while as a reserve. She was very understanding and helpful
Thanks to everyone that replied here
Excellent -- Glad that is sorted, but it is extra stress that you do not need!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
So true about the stress, hoping the creditors meeting goes as planned and I start getting on with my life. Nice to be able to ask others who have been in a similar situation. Means a lot!
