Joint Iva & New bank account

[charliesbird]

Hi I wonder if someone could advise me on 3 points.

1) Can my husband & I apply for a joint IVA? Our debts are about 80k but only 4or 5k is in joint names (all unsecured). But we treat our income and debt as a whole on our current DMP.

2) We know in the next couple of weeks we have to start the ball rolling on the IVA as cannot manage much longer. We sorted our own debt management programme about 4 years ago and were going ok but my income has drastically reduced over the last 3 or 4 months. Our credit ratings are not fab but much improved from 4 years ago. Last month we had to start payng all our creditors a much reduced amount and our credit rating is about to plummet , so we have applied for a new bank account (last weekend)whilst our credit rating is ok (well probably ok enough to get a bank account). The 2 bank accounts we have now will (we assume) be frozen because they will be included as creditors in the iva if we are successful.....finally.......my question is...if we are accepted for the new account and pay my salary & my husbands pension in at end of July, is there any reason that this new account would be closed as we would not owe them any money. We just wanted to have a new clean account that we know we can use after the IVA process has started for standing orders etc. Or is it the same as bankruptcy and all accounts are suspended/frozen


3) This is a specific question for Melanie if she is able to answer....we live about 6 or 7 hours away from cardiff and although are very much inclined to use your services it would be very diffiuclt for us to attend a meeting....does this mean we would not be able to use your company?

Sorry for the lengthy post am not great at bullet points!!

[MelanieGiles]

Hi there

If you are self-employed then we do need to meet you on a face to face basis, if not then a telephone interview would be fine if you prefer. If you are in the north of England, I do have an office in Glasgow, so that might be more convenient for you!!

With regard to your specific query, interlocking proposals will only be necessary if you could not make a reasonable contribution in your own right from your income alone.

Your bank account will be safe so long as you have no debt with that particular bank.

Hope this all helps and don't be afraid to post more queries as you go along. If you do prefer to use an IP firm a little closer to where you live, I can also recommend other companies you might like to try.

[charliesbird]

Thanks Melanie - ref the kpint IVA we would prefer do enter an IVA on a joint basis if that is possible or does that depend on the amount we each owe. Of the top of my head it is about 50 50, 50% in my name and 50% in my husbands

I am employed but my husband is retired but receives an NHS pension which is actually more than my salary. we live in Norfolk so would you be able to represent us or do you know of a company who could.

Also, I am a little concerned about how we find the right company to go with. The way I understand it some companies charge you an upfront fee and others take the first 7 or 8 installments as their payment. How wold we know which companies are reputable and ensure we choose the right one and therefore not jeopardise our chancss of success with an IVA?

[MelanieGiles]

So long as you are not self-emploued we can deal with things on the telephone if that suits you. You should beware any IP firms who ask you to pay up-front. My only requirement is that you send your first monthly instalment back with your signed proposals, so that you demonstrate commitment to both myself and your creditors from an early stage.

[Adam Davies]

Hi
If you can try to make the Bradford frugal friends meeting on the 12th,you could have an informal meeting with Mel.
regards