First payment.

[63k]

I have my creditors meeting for the 22nd Nov, I have been asked to send a cheque on ready for the first Iva installment, however I thought that the first payment comes 3-4 weeks after the agreed creditor meeting?

Also I am paying out an admin fee the 2 months before the iva starts or so I thought so will be paying near enough double the first month.

[Adam Davies]

Hi
I wouldn't send it if you are paying two months fees upfront already.How do they think you can afford it ?
You could send a post dated cheque to be paid in one month after you have paid your second "admin" fee.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

My IVA was with Thomas Charles and Accuma. I had to pay the first 2 months to Thomas Charles and when I explained this to Accuma they were fine and I made the first actual IVA payment after I had been paid.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[63k]

Thanks
I am not sure what they are asking really, I have to know what the real payment would be as well as any modifications would have to be taken into acount surely. The meeting I have only just been notified of is in a week, I thought /hoped I would have a bit longer.

Another thing, I aplied for a basic bank account with HSBC and they balsed it up and lost all my paperwork to open it, so now i have applied with smile, yet my od with my current account is sat there still with money about to go in, can my bank freeze the account on the basis of an IVA as I dont have enough time to move accounts. If this doesnt ake sense tell me i WILL RE WRITE IT!

[MARSHA]

I did not pay a penny pre acceptance. My meeting was 22nd Oct and was accepted, I only got the standing order form last Thursday, which I returned Friday, ready for the 1st payment to go out in November.

[emma_t]

Hi 63k

I don't know about upfront fees as I never had to pay any, I just had to send in the first months payment in advance of the meeting to demonstrate that I was commited and keen to start to creditors.
My o/d, which was included in the iva, was with HSBC and as soon as they recieved my iva creditors meeting intention - they closed my account and asked for cards/unused cheques back. This was no worry to me as I had already, pre any iva,set up a new bank account.
If it was me I would withdraw any money you have in the account asap to protect it.
Good luck with your creditors meeting on 22nd

[Adam Davies]

Hi 63k
Draw out any money that you have in your old account prior to the IVA as they have a right to keep that if they are one of your creditors.
You are lucky that HSBC lost your application because they and First Direct have a policy of closing accounts once someone enters into an IVA.
You will be fine with the Smile account
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I generally ask my clients to send a cheque for their first IVA payment back with their signed proposals as demonstration to me and their creditors of their commitment. This money is fully refundable in the unlikely event of rejection, and means that the IVA can be concluded that little bit early. My clients seem only too happy to do this, thus starting a good IP/client relationship from day one.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
I would agree with that but only if they are not paying a third party at the same time
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[63k]

pleased about the HSBC account after all then thanks for all your replies.
Looks like mum will let us use her bank account whilst we are waiting for ours to open.

[63k]

Oh forgot to add, looking through the t&cs looks like we dont have to make a payment untill up to 60 days after the creditors meeting, so the letter asking for money now is bad, seeing as I am aready paying the admin fee at the same rate and the iva has not been approved yet. Obivously it will be paid if accepted asap by ourselves.

[hallway]

This paying payments upfront must be a new thing with Blair Endesby because 8 months ago when I set up Iva with them I wasnt asked to pay a penny upfront,so far I have found them great.