I am also a little confused

[angela.d]

Hi me and my husband have just applied for a IVA and i am a little worried we have been told to stop paying our credit card bills and loans, will the bank start ringing us for payment and will we have to pay them i dont want to end up with a even bigger debt to pay. I am also a little confused about whether or not we will have to give our car up as we have it on hire purchase we cant do without the car as i use it to get to and from work, also my husband has been told to close his bank account, one of my credit cards has gone on the IVA the credit card i have is with my bank will i have to close my bank account aswell as my wages are paid in to it. Please can you help. Thanks

[scaredkez]

hi angela this is perfectly normal to be told to stop paying your unsecured lenders, you and hubby need to set up a basic bank account with a bank who is not one of your creditors, unfortunately the phone calls will start you will just have to explain what is happening and refer them to your ip, have you been given any idea into how long they are looking at for a creditors meeting? if you want to keep your car you have to keep paying the HP, what has your ip suggested on the car in your proposal? are they including the payments in your iva proposal? get your wages paid into new bank account asap, good luck and keep posting and let us know how you are getting on, any more questions please ask away.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

The forum is a great place to get general advice and support, but your own IP ought to be the first point of call for these sort of queries, as they will know more about your specific circumstances. After all this is what they are being paid to do!

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

[Sadsack]

As Kerri says, this is perfectly normal. If you continue to make payments to your creditors, they will think that you are solvent and therefore an IVA might be rejected.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[lily]

Hi angela

Did you just go with the first company you phoned?

You should have the whole process ecplained properly by your own IP, its a bit of a concern that you dont seem to understand about the car. Everything should have been properly explained. We recommend that you phone at least 3 companies and go with the one youre happy with. IVA.com provides a list of IVA providers and feedback from users.

I know its a stressful time for you right now, we have all been there but its really important that you are well informed about what should happen, dont rush into this because youre stresssed. Its a huge decision Angela and you need to check everything out before you commit to it.

This forum is a great place for info, support and advice, so ask away.

Good luck


lily

[Lula]

Yep i agree with Lily, ask lots of questions....loads...i think i learnt more about IVAs on this forum than from my IP but i suppose i was so relieved for an answer to the problem i never thought to ask any questions