Just a few concerns

[OhNo]

Thaks for all the answers.

[kallis3]

Hi Ohno,

I can't answer all your questions, but I'll have a go at some of them.

1) Realy don't know about credit union stuff, particularly if you are deducted at source. One of the other experts will probably help you there.
2) Most advisors will tell you to stop paying your creditors once you have started on the road towards the IVA. You will get phone calls and letters, but you will be able to build up a little contigency.
3) I think your car payments will be ok, and may even be paid before you have an IVA approved.
4) You need to open a new bank account as soon as possible with a bank that is not one of your creditors. Move all your direct debits and standing orders and salary across to the new one. The Co-op and Nationwide are two good ones.
5) When you have paid all your essential bills (mortgage, utilities, food etc), how much disposable income do you have left.

Hope that helps

[Soulgrowth]

Hi Addy

Just wanted to welcome you to Forum ... you are in the right place!

Someone a bit more experienced than me should be along shortly to answer your questions. In the meantime, good luck on your journey and make sure to keep in touch with the Forum as you are amongst friends here.

Debbie

[MelanieGiles]

Hi Addy

1 Yes you will have to stop the deduction from your wages to the Credit Union.

2 It is up to you, but it can do no harm to make small token payments in a similar ration to the amounts you owe to creditors in the meantime, to show goodwill to the creditors.

4 The Halifax overdraft will need to be included in your IVA, so you will need to sort out an alternative banking facility in order to have your salary paid into and bills paid out of.

5 We could not advise you whether you have good chances or not, as we only have limited amounts of information. Your IP would not put forward an offer they did not feel was worth, so that questions is probably best directed to them.

Hope this helps!

3 When you say no problem in the car going back, what are you going to do for a replacement vehicle?

[size5]

Further, if you have a savings element with your credit union, which I assume you will have, then you will not have access to these savings as they will be offset against the debt you have with the union, assuming the debt is larger than the savings.

Regards.

[OhNo]

Thanks for the feedback......
The car is not really a problem as when/if my IVA kicks in. I will use public tarnsport to commute, online to shop and hire a car for any time off/days out 3-4 times a year etc. I think this way is much cheaper in the long term than the ongoing rising costs of running a car.
Another qusetion which has flagged up today. When I actually contact my IP and start the ball rolling. When do I start paying my monthly arrangement. Is it on the day of the acceptance or from the outset?
getting closer.....

[aguise]

Hi Ohno and hello from me.
Some copanies may ask for a payment upfront to take to the table as such and show willing but you should confirm that this is refundable should the iva not be accepted.Your first payment would be due within 30 days of the iva being approved, but again your I will answer this for you as they may prefer different.

Ang x

[MelanieGiles]

All IP practices will have different guidelines on this. I like to have the first payment in advance in order to show that my clients can afford the payments. It is also a great test of someone's commitment to the repayment plan.