IVA and direct debit

[Phil]

I HAD A LAPTOP COMPUTER ON FINANCE A COUPLE OF YEARS AGO AND KEPT UP DIRECT DEBIT PAYMENTS. I HAVE JUST TAKEN OUT AN IVA AND DID NOT INCLUDE IT IN THE PROPOSAL AS I THINK IT IS A SECURED LOAN LIKE HP. BUT AFTER READING ARTICLES IN THE FORUM I AM NOT SURE NOW. MY QUESTION IS WILL IT EFFECT MY IVA, I DID MENTION TO THE DEBT COMPANY I AM WITH BUT THEY DONT SEEM TOO BOTHERED. AT THE MOMENT. AS I AM KEEPING UP TO DATE WITH BOTH THE IVA AND DIRECT DEBIT. THANKY YOU IN ADVANCE.

[Adam Davies]

Hi
You,d best speak to your IP about this as most deals of this type are actually personal loans so should be included within your IVA.
If it is I can,t see a problem as it will be included within the existing arrangement and the money that you are paying for it will be added to your monthly IVA payment.
Best to be sure
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[aguise]

Give your company a ring, to the best of my knowledge this can be added to your iva as long as it doesnt cause an increase of more that 15% other wise they may call a variation meeting,(unless its made of gold I shouldnt think it would go over the 15%) Speak to them they will know what to do.

Hope that helps.

Ang

[aguise]

sorry Andy posted at the same time.

Ang

[iva experts]

Hi Phil and Welcome to the Forum!

I agree with both comments above, I think the way forward is to definitely speak to your I.P.

It is quite rare these days that secured loans are given out on items like computers and sofa's etc as there would be no real benefit in taken the goods back.

It is a common mistake that personal loans are thought of as secured loans or higher purchase; it is definitely worth investigating this.

Hope this information is of use

Regards. IVA Experts

[Phil]

HI Thanks for all your replies,I will speak to my IP in the morning.
I am just worried that the finance company Clydesdale Bank wont be too chuffed as there has not been a problem up to now. And they dont know about the IVA. Is it possible to put what I am paying to the bank to the IVA when I have finished with the finance company say like you do with a car finance in a IVA. Funny thing is the laptop no longer works!!!

[aguise]

Dont worry phil let the ip deal with it. I had a couple of creditors which had always been good and had no idea of problems but believe it or not neither bothered me at all and the first they heard must have been the proposal in fact one gave me a call and offered to let me keep my account for paying bills but I declined through feeling guilty. Its unfortunate but not worth your iva failing because you are struggling to pay both.

Ang

[Phil]

Thanks for the quick reply Ang. It is really appreciated and as you say there is too much at stake to worry about a creditors feelings.
Must say this forum is addictive but an absolute rock to me and other people on this forum. I am currently at work and I still have to get on and have a look.

Phil

[aguise]

I agree the forum gives the support that you need as debt is usually something you dont want to share with others, on here you get good advice varying opinions and somewhere to have a moan if you feel like it.
All the best let us know how you get on.

Ang

[Phil]

Apologies If I have already sent this. I contacted debtmatters and they said I had done the right thing. They told me to cancel my direct debits and give them the account ref number and they would fax the iva over to Clydesdale bank.But to expect some phonecalls but not to worry as they would sort it out.The best thing is at the moment I might add that they dont want to increase my standing order which at the moment 550 pounds. When the reviews comes things may change but at least I know the arrangement is safe with being honest.Just one thing has anybody had any problems with CLdesdale?
Phil.

[aguise]

Hi again Phil
Glad you sorted it. I did have an ac with clydesdale but before the iva and had no problems with them, dont worry they may ring just to find out why you cancellled the debit, they may not but there is nothing they can do your ip will sort it out. If it is a small amount I think it just reduces the amount that the creditors get as I said before less thean 15% and it just gets added so your payment does not necessarily change.
Hope you feel better now saves that struggling unecessarily.

Ang

[Adam Davies]

Phil
The money that you were paying for the laptop put to one side and do not spend it,you may well have to pay this over once you have your annual review.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Phil]

Thanks for your replies. Very good point Andy. I will start putting some aside for other nasty surprises that spring up when I can afford to.

Phil