Dealing with banks and IVA

[vic74]

Hi i started the process of an IVA a week ago cancelled everything etc im now offering token gestures as recommended, but the bank has rang me today to say im over drawn and have asked me to go to a meeting with them to discuss my situation a week on Friday what should i do????[:(]

[Jo Rolland]

Have you not changed your bank? If they are an existing creditor you need to do this.

If you have made alternative banking arrangements, do not attend the meeting but pass them onto whoever is dealing with your IVA.

[vic74]

Hi no i have a new basic account and all monies quickly removed cancelled my other D/D's etc but not the bank one as i thought they may question it before hand!, but i was concerned as my iva company advised me not to mention the IVA to them as it is still only in the draft procedure.

[carlmcmullen]

If you have stopped using the account and removed all money then i would suggest you put your bank off as you dont need deal with them anymore and cousult your IP as to what stage you are at with your IVA.

If you have completley disassoicated yourself from that account then your IP can now write to them to advise of the VA.

Carl

[vic74]

Hi,Yesi have changed bank and i have called and im waiting for a response!
But yes i think you are right as im sure i would be a bit of a walkover face to face!!!

[MelanieGiles]

All you need to do is to tell your bank that you are in the process of proposing an IVA to your creditors, and that you feel that a meeting with them directly at this stage serves no purpose.

I find the advice given to you to not tell your bank about the IVA quite bizarre. Your IP should have written to all of your creditors by now, advising them of his/her instructions.

[emma_t]

Hi vic74

I was upfront and honest with all creditors as soon as I knew I wanted to propose an iva. There is no point in not telling them as your IP will write to them soon enough.
Just say you are taking professional advice and are looking at proposing an iva, some creditors asked why I was doing this and I explained I could no longer meet my commitments due to loss of a part time job. Good old hsbc offered to consolidate my debt with them (bank account overdraft and credit card) into a loan. After just telling them I could not afford things as they stood!!![:(]

Just be polite but firm with creditors and if you get any worrying calls or correspondance tell your IP
Good luck
Emma x