Hi i'm a newbie. I am in the process of applying for an iva. One of my creditors is my bank Natwest which i have an unsecured loan with. I have cancelled the dd but they reinstated it which i understand they can do under the off set rule so i have cancelled it on line again today. I have just opened a new bank account with the Nationwide and am getting all my other dd's (eg mortgage/utilies etc)set up. My wages are due to be paid into Natwest tomorrow with my main dd's due on the 1st Nov. I have been advised to withdraw all my cash from natwest tomorrow but if i did this my mortgage/utilities etc won't get paid.( I have at least 8 other dd's due on the 1st)please help - i've been trying to be so strong through this whole process and have had fantastic support from the company looking after me but my head is so confused today i'm struggling at the mo.
I know this bit of the process is very stressful for you. Don't panic. Natwest will try and take their loan money so it's important that you take your money out.
Don't worry too much about your utility bills. what I did was contact them all and tell them that I was transferring banks. I actually cancelled all my dds and sos and then set them back up with my new account. The payments were about two weeks late and that was fine. You can contact your mortgage company and tell them the same.
Once you have your fresh account and all your payments set back up, you will feel so much better as you will be more in control.
Good luck for your proposal and keep posting for advice and support.
I too am currently looking to propose an IVA and banked with Natwest and have loans and an overdraft with them. Luckily I have managed to move both my banking and essential DD's.
My only suggestion would be to cancel all of your DD'd online and go into the bank and withdraw your wages tomorrow. Once you cancel your DD's the companies will automatically write out to you with a new DD forms and you can set DD's up on your new account. In the interim you could pay your Nov payments manually.
Hope this helps,
Keep your chin up, I understand how stressed you are at present, I too have good days and bad days, I am dreading the call from Natwest which I know will be any day soon.
XX
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
hi indie 25,
can you not withdraw all your money tomorrow, put it in your new account, contact all the d/d people due explain you have changed account, give the new bank details and see if they can collect from the new account, it may take a couple of weeks but as long as you contact them it should be ok. try not to worry. x
Take out your money and put it in your new account. Contact your mortgage and utility suppliers and pay over the phone or arrange for payment. Natwest will take the money, especially if they cotton on to what's happening.
the problem with natwest is they will hold the money back for the loan and probably won't let you withdraw all that goes in depending on the activity of your account ie if they can see when deposits are made and when DD's are due, i hope you can get it all out in time as the others have said it won't matter if you pay some of them late if you just let them know you are changing accounts.
good luck
kerri
Hi Indie25 i so hope that you have been successful in getting your wages out. Welcome to the forum i hope you find it as supportive and as informative as i have over the last few months. Good luck with your IVA, once you have got is sorted your life can begin again without the stress and those sleepness nights definately disappear too.
Good luck for the future.
15 down, 45 to go
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
my internet failed me last night so i have just been able to read all your advice.i'll get straight to the bank this morning.
thank you all so much for the advice and support.it's like anything in life, you feel like the only one going through things sometimes so it really helps to get support and advice from people who understand.
The forum will help you through the whole iva process so please post whenever you have a question or worry, as michael says we have all been through it x
Be positive & look after yourself, there are more important things in life than debts....
hooray !! just withdrawn all my wages from Natwest (had to sneak out of work to do it). Taking this afternoon off work to contact all companies who's dds i've cancelled and give them new bank account details as per all the wonderful advice posted. feel so much better.
i will keep posting and i just hope i can be as much support to you and others as you have been to me.
i can't thank you guys enough.
x
