Hi Pennyless. Pleased to see you're getting sorted. We've had our confirmation today that our Co-Op account is open, so I've got to start cancelling/transferring Direct Debits as well. Still waiting for a few outstanding docs to send to VB, am having the house valued on Monday (21 Sept) so hopefully all paperwork will be with them by the end of next week. Each day feels like a step towards freedom!!
Keep smiling!
I initially rang them up and explained what I wanted to do. I then received a "Transfer Of Loan To Interest Only Repayment Method".
I completed the form as per the questions listing all my debts and monthly payments (in fact for credit cards there was insufficient space so I wrote the "total figure" and "total cost per month" in one single box.
I then explained in the "information" section that I was seeking an IVA and had appointed an IP and that the move to interest only would afford me more money for my creditors. In addition I requested the maximum 12 months transfer to Interest only.
Hope this helps. Just remember Northern Rock will eventually be informed about all your outstanding debts and the IVA process, therefore it's best to tell them everything at this stage to keep everything on the level.
Good luck.
I came into this world with nothing and still have most of it left!
Rainbowofhope dont let the valuer put an unrealistic high price on the house. Everyone likes to hear their property is worth more than the rest but in this case more is not better.
Also dont tell them the valuation is for an IVA, one of my valuers done a full look over, give me a price then went back to his office, where he then rang me and said that Head Office had said that if I require such a valuation then it must be done by a Surveyer at a cost of £700!
I simply rang another estate agent and told them I may be inheriting a property and needed a price to get rid of the house in the next 4 - 6 weeks. Job done and a "realistic" valuation obtained.
Agreed each day is a step closer!
I came into this world with nothing and still have most of it left!
Maybe I should say my place is an inheritance I want to sell, it looks like a bomb site most of the time due to 3 young ones or maybe I should leave it as it is, in it's usual state, full of rubbish and clutter, in need of decoration and unsaleable! I was going to go head over heels cleaning, chucking out etc, but maybe now I shouldn't and carry on 'living' in it.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Hi
Thank you for the quick replay. My morgage is with Barclays (woolwich) and some of my debts are with them as well (£20000).
I'm wondering if this is going to help me with the approval of IVA?
Your first post was very helpful. I'm dealing with Debt AdvisoryLine now. I have just find out that they don' have their IPs. I have sent them all documents on the 15th August, made to payments and still don't know wht is going on. We have recently changed our phone numbers before applying for IVA so no threatening calls at least. The letters are coming but all of the creditors received the information about the IVA. I'm also wondering what's going to happen with my Santnder (Abbey) account. We set it up 2 months ago for the IVA. However Wallis, Argos, and RYanair (GE Money before) belong to Santander now.
Hopefully I will be able to have my case sorted quickly as I never missed any payments before. Now it's been 2 months of not paying even a penny!!
Thank you
Our valuation was arranged by Payplan who sent a valuer round so we didn't have to do it ourselves. The same will happen in the 4th year when we need to remortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Do you mean that the Debt Advisory Line does not have IPs they can refer you to? You do really need to find out what is happening with your case. Most IPs would have an IVA through a creditors meeting in the two month timeslot you are referring to.
Hi Melanie! I think they don't have the IP's otherwise the case would be sorted already. Everyone is on holidays there all the time and my case is being passed to different people. I don't want to wait any more but also don't want to lose those £500 I paid them. They didn't ask me also to do the valuation?! Don't know what to do really!!! Confused....
Cath you do right. I was supposed to have a valuation today but the valuer came a day early and really caught us on the hop....but no matter....valuation done and really you don't want the place looking like a palace for this valuation I would say.
Elv I was told same but found when I said "forced sale" to one of the valuers ears pricked up and alarm bells started to ring into the conversation. I therefore didn't say forced sale to my second valuer.
I came into this world with nothing and still have most of it left!
Ndorka I was fortunate to find this site before i appointed or should I say "requested" Melanie to kindly become my IP and assume responsibility for my case, therefore had a decent idea of who prospective IVA clients felt most comfortable with.
I spoke to 2/3 other Companies who both said "Stop all payments to creditors and send us a particular amount instead which will eventually become your IVA payment".
When I contacted Tina at Melanie Giles she advised me to stop making payments if I could not afford to make them and also explained that she did not require any monthly monies from myself until the IVA stage itself.
I hope you get it sorted.
Last edited by Pennyless on Wed Sep 16, 2009 10:23 pm, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Really important that you get the right person to represent you. An IVA is not just about getting through the creditors meeting, but also living through five years at a relatively disciplined budget - where you will need the support of your IP to continue.
I'm so sorry that you didn't see this site before paying £500, but it you feel you are no further on, I would certainly be kicking up a fuss. It may be in your interest to cut your losses and approach an IP through a company who is recommended - you don't have to look too far.
Kind regards,
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
