Just starting the process to sort my debts.

[Olympic]

Hi everyone,

I am new here and just starting the process to sort my debts, so obviously I feel quite lost and depressed. I can't concentrate adequately on things and my brain is hurting like hell. I have decided to have a chat with a friend about the situation I'm in as I feel I desperately need some emotional support.

I have contacted two companies already and both have suggested an IVA as a solution, but as it's very early days yet, I still haven't had any proper discussions about expenses, income etc. I am more favourably inclined towards one of the two companies, but I haven't decided which one I'm going to go with as yet. How would one go on about making their mind up about choosing one? Are there any criteria or ways to judge which one might be the best for me?

My largest creditor, upwards than 90% of my total debt, is also the one with which I have my bank account and I've been advised to open a basic account with another bank. I thought of Halifax or Lloyds TSB which are close by and are not connected with any of my debts, but I've noticed a preference towards the Co-Operative bank on these forums. What is your opinion on Halifax and Lloyds TSB and how long would a new account take to be set up?

The reason that I'm asking how long is because if I do manage to get my next wage debited in the new account, I have to be really fast in doing so as the cut off period for changing the bank details at work is either fast approaching or just passed.

Any help would be much appreciated. Thanks in advance.

Olympic

[Lisa2009]

Hi Olympic and welcome.
Halifax will give a basic bank account, hubby had no problems with them.
You could look on www.iva.com ,they have a list of insolvency practitioners and reviews. It may help you make your mind up but ulimately you need to feel very comfortable with the company you choose because they will be acting on your behalf for the next 5 years.
Melanie Giles who posts on this forum is a very highly recomended IP and lots of people on the forum have used her company to propose IVA's for them.
Hope this helps

[whichwaynow]

When I changed accounts I opened one at Lloyds TSB. I told them what I was planing to do and they did not have a problem with that at all. I know that many members on the forum are also happy with the Co-Operative bank. At the end of the day be honest with the bank and see what they say. If you then have a choice go with who you feel will suit your needs best. My LLoyds account was opened with in 48 hours. Once again tell them that you need a account ASAP and see what they say.

[whichwaynow]

Forgot to say welcome how rude of me.

[MelanieGiles]

You might like to read my blog - Choosing an Advisor for some tips on the sort of questions to ask in deciding who to instruct. And make sure that the advisors you use give you a rounded view of bankruptcy proceedings and debt management as well as an IVA.

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

[stoney]

Hi Olympic, We opened our new account online with CO-OP Bank and found their service quick and efficident. Account was open within 48 hrs and the online banking is very good. Very happy with them so far. Hope this helps you.

[Olympic]

Hi all,

And thanks for the quick replies. I hadn't expected to get any feedback until tomorrow, as it's quite late, so really thank you for that.

Concerning banks, I'm glad to see good feedback about Halifax and Lloyds TSB. The reason why I asked about those two is because they are close to my place of employment while the Co-Op Bank is in town and thus I can't afford to pop in on my lunch break as it would be too time consuming. I did phone the Co-Op Bank to set up a basic account with them (earlier this evening), but they said that they needed a signed application from me and I thought that the process (through the post) would be too long for me to manage to change where my next wage slip gets paid into.

Would you advise me to be up front when setting up my new account and let the bank know that I'm in contact with a company to sort my debts, which could possibly mean an IVA, debt management plan or even bankruptcy?

Melanie, thank you for your advice on finding more from my advisors concerning bankruptcy and debt management as well as an IVA and for pointing me to the direction of your blog for some tips on choosing an advisor. It's been very informative indeed! With that in mind and having said that I am actually favouring one of the two that I have contacted up to now, I believe I have gained a bit of a sense of where I'm heading now.

Once more, I thank all of you for taking the time to answer my questions and make me feel welcomed. I hope you all enjoy a restful sleep.

Olympic

[Martin2011]

Good luck with whatever you decide... the important thing is that you've recognised the problem and are taking action. Coming to this forum was a great move on your part.... I only discoovered it a month or so ago and am 22 months into my agreement. The advice and support on here is fantastic from all members, with Melanie and Andy helping to make sense of some often complex dilemas that many members have experienced since embarking on the 60 month journey to that debt free place I know that I for one had forgotten existed.

On banks, again, great advice and further discussion in many threads on this forum. I went to Lloyds, (one of the few banks I hadn't borrowed from)... I have to say they were great and very efficient, and I did explain my circumstances and intentions to them. Also, for the first 6 months, the interest rate they offer is very competitive and offered up a few extra pounds each month (seemed very strange earning interest rather than paying it!!)

Lots of IVA companies and lots of IP's... again, many threads on here extolling the virtues and probs with one or the other... certainly worth ensuring you choose someone you're comfortable with though, 5 years is a longish time for an important relationship. Totally agree with Skint's comment above re. Melanie.... I'm not a client of hers, but having read literally hunderds of threads on here have to admit that I've probably learned more from her sound advice and considerable knowledge than from my own IP!

Good luck with whatever you decide and for the future.....

Martin

[ray_a]

Hi Olympic

Seen your post you will find things will get sorted out and that you are in the process of trying to deal with the problem of debt! You are not the only one who has a problem there are 4m people paying for last Christmas!

[Olympic]

Martin and Ray,

Thank you as well for the support and advice.

I have applied for a basic account with TSB Lloyds bank and I'm waiting to hear from them. They said they would come back to me before they closed today, but they didn't, so I guess it'll be tomorrow morning now. I advised them on my situation and all I can do now is wait and see. I'm hopefull as they didn't seem to bat an eyelid when I told them.

As for the wages going in, I was told at work that the deadline for making changes to one's own details is the 13th of the month, except for December which is earlier, but nobody could tell me when exactly (either today or tomorrow).

Grateful to all,

Olympic.

[kieranandmegansmum]

HI I OPENED AN ACCOUNT WITH THE SAME BANK I WENT IN AND THEY DONE IT THERE AND THEN

S WARD