halifax/bank of scotland

[SPENCER23]

I AM IN THE PROCESS OF SENDING OFF MY LAST BATCH OF PAPERWORK TO MY IP,AND AM WORRIED THAT ONE OF MY CREDITORS [HALIFAX] ARE CONNECTED TO MY MORTGAGE PROVIDER,[BANK OF SCOTLAND], IF I AM ACCEPTED FOR AN IVA, WILL IT HAVE ANY IMPACT ON MY MORTGAGE, ANY ADVICE WOULD BE APPRECIATED THANX

[size5]

It will have no impact whatsoever. Your IP will have made sufficent provision for your mortgage payment to be fully met, the only query I would raise is if you originally banking with HBOS have you changed yet?

Regards.

[SPENCER23]

[quote]Originally posted by size5

It will have no impact whatsoever. Your IP will have made sufficent provision for your mortgage payment to be fully met, the only query I would raise is if you originally banking with HBOS have you changed yet?

Regards.
THANX SIZE5, HALIFAX IS ACTUALLY CREDIT CARD,BUT HAVE MADE ALL NECESSARY CHANGES TO MY BANKING AND HAVE SWITCHED FROM LLOYDS TO HSBC.

[size5]

Fabulous.

Don't forget that your IP is there to help so please do not hesitate to contact them if you feel you are not clear on anything or need some assistance. You can also post on the forum at any time, there are lots of friendly faces to help you through what may be a very worrying time for you.

Regards.

[SPENCER23]

TTHANX SIZE5, ONE OTHER THING!! WHAT HAPPENS AFTER ACCEPTANCE? I AM READING ON THE FORUM THAT PEOPLE ARE FINDING IT DIFFICULT TO KEEP TO A BUDGET ETC. SURELY HAVING TO REPAY SAY £400 PER MONTH IS FAR BETTER THAN HAVING TO FIND £1200 PER MONTH JUST TO MEET MINIMUM PAYMENTS ON CARDS OR LOANS, IS THERE AN AGREED BUDGET YOU HAVE TO WORK WITHIN,AND DO YOU YOU HAVE TO ACCOUNT FOR EVERYTHING YOU BUY?

[size5]

Spencer23

You should have a good long in-depth consultation with your provider during which you can both look at a budget that will leave you paying as much as you can but one which equally will leave you with a comfortable standard of living.

You should always be provided with a copy of your income and expenditure and if you feel that you cannot live within it, or there is something that may have been missed during your initial chat, it is vitally important that you raise any concerns as soon as you can.

I would always look out for a contingency allowance, if there isn't one then query why not. Can you live on the food and clothing allowances? Have you been allowed enough for petrol etc? Do not accept anything that you feel would leave things tight for you. There really is no point in making do and mend to "try and get it through"
I suspect that the "trying to get it through" syndrome leads to far more problems than are really necessary after approval.
There are safeguards to prevent this sort of thing happening, such as scrutiny of bank statements but they can only say so much re direct debits etc.
Golden rule, if in doubt, ask.

Finally, how much you were paying pre IVA is irrelevant, it is how much you can afford now that matters so don't accept £400 if you can only afford £320, and whilst you will generally have an annual review you do not have to account for everything you buy.

Hope this helps.

[MelanieGiles]

Income and expenditure accounts should initially be based upon what you actually spend rather than what you are told you are allowed to spend - however we are all having to following the frugal figures allowed by the CCCS, so if your own figures have changed dramatically and you do not feel that you can stick to a lower budget, you should beware entering into a long term financial commitment on this basis.

I am finding that most of my clients are managing on the CCCS budgets, but we will have to see the ongong ramifications of this into the future as fuel and food prices continue to rise. Your IP will probably have some leeway in adjusting your payments downwards by up to 15%, so that might be an option for the future.

[chris2202]

Hi Spencer23

I'd read on previous posts that HSBC are renound for freezing any accounts they discover belonging to someone on the Insolvency Register? Might be worth transferring to someone else. Co Op Cashminder comes highly rated. I'm with Natwest and have had no problems over the last couple of years.

[size5]

Good point Chris, the Cashminder comes highly recommended by lots of people on here, so much so that I am now the proud owner of one myself.

Regards.

[luluj]

Open a new account before your IVA is approved - HSBC will give you 28 days notice when they catchup that you have an IVA etc which they will- it took them four months with us but then closed our account within 28 days!

Smile internet banking or Halifax Easy Cash account are bothgood accounts - Visa Electron which I have had no issues with so far!

[SPENCER23]

HI AND THANKYOU ALL FOR YOUR ADVICE, I'VE JUST OPENED MY ACCOUNT WITH HSBC, CO OP BANK NOT AN OPTION AS I GET PAID IN CASH EVERY WEEK, AND NEAREST CO OP BRANCH IS ABOUT 5 MILES AWAY!! BUT I HAVE HAD A PEEK AT NATWEST WEBSITE AND ON IT THEY SAY THAT THEY RUN A CREDIT CHECK BEFORE OFFERING BANKING SERVICES, SO I'LL HAVE TO SHOP AROUND, THANKS AGAIN

[size5]

You can pay into your Co-Op account at any Post Office, so you have more branches in effect than you realise.

Regards.

[SPENCER23]

THANX SIZE5

[Adam Davies]

Hi
With the Co-op Cashminder account the cash that you pay into the account at the PO is credited instantly.
I have the account and can't fault it
Regards

[SPENCER23]

THANKS ANDYDAVIE, DO THE CO OP RUN A CREDIT CHECK WHEN YOU APPLY TO OPEN AN ACCOUNT WITH THEM? BECAUSE IF THEY DO THEN I FEEL THAT I WILL BE REFUSED