Making the first crucial move...

[CarlDouglas]

<font face="Courier New">Hello everyone, I am a 29 yr old guy. Today i have been on the phone to (Debt free direct) to sort out a I.V.A plan and at the moment everything looks and sounds great. I have a rep coming round tonight to collect all my debt letters and i.d that he needs. In 5 years i could be debt free, i cant believe it. Was on the phone this morning for about a hour and was treated very good professionalism. I now also have my own bank account through them as i didnt have one before due to me owing cash to the bank. If my I.V.A plan is accepted in the next 3 weeks i really hope that this decision will change my life. If anyone has any advise id love to here about it. Thank you.</font id="Courier New">

[Tina Shortland]

Hi Carl - welcome to the forum and well done for making that first crucial and often frightening step. Normally people are advised to speak to 2 or 3 companies to compare what they are being told and to see where they feel most comfortable but if you are completely happy already then you are fine. Things to look out for are success rate of the company you choose, the budget you have in place - does it include everything it should do, information - are you being told everything up front, any fees involved, reviews from other clients. You can read reviews of companies at www.iva.com shoudl you want to. To have an IVa accepted in 3 weeks if your docs are not yet picked up seems very quick due to the 16 day timescale between proposal submission and creditor meeting.

Other posters will come and give you the benefit of their experience too and we're all here to give you whatever support you need along the way.

[Rich]

HI Carl, all the best Rich

[kallis3]

Hi Carl and welcome.

DFD are a well respected firm on here but you can speak to one or two others via the link posted above to make sure you are happy with the company you choose.

As regards the bank, you will have been placed with Thinkbanking for which you have to pay a monthly fee.

It is possible for you to open a basic free bank account with any bank that is not one of your creditors (other than HSBC or First Direct). Co-op come recommended.

[Foggy]

Welcome Carl (Kung Fu Fighting ?? ).

On top of the good advice given above I would recommend getting yourself a large mug of tea and sitting down to have a cruise around the forum. This will give you an idea of our ups and downs in an IVA and prompt you as to what questions you should be asking.

[MelanieGiles]

Isn't it Freeman Jones that use Thinkbanking and not DFD?

Best of luck with your application Carl - it seems that you are being processed with lightening speed, so let's hope you get a good result on the day of your creditors meeting.

[kallis3]

You could be right Mel but I assume it is still a paid for account if they have set it up for him?

[pennieless]

Hi carl and welcome to the forum

[MelanieGiles]

I am pretty sure that DFD use the Secure Trust account, which I think is a fantastic facility - albeit there is a monthly charge to use it.

[MRBLUESKY]

Good Luck Carl hope your IVA gets you debt free,like it does for many others including myself.Make sure you feel comfortable with the payments that are proposed before signing anything.

[footiemad]

Good luck from me too Carl x

[kazzafunk]

Hi Carl - we entered an IVA last June and never regretted it for a second. Best to spend as much time as possible making sure it is the right choice for you (by reading the IVA proposal thoroughly when it arrives).

The thought of being debt free was a fantastic feeling. Due to my ill health we managed to complete our IVA in under a year and can now start afresh. Being in an IVA has taught us to budget and realise how much we wasted over the years.

Good luck!!

[Shining]

Hi and welcome to the forum. The best advice I can give is to talk to 2 or 3 professionals. Don't go with the first company you speak to, it may well be you return to them but there are a lot of companies out there and 5 or even 6 years within an IVA is a long time and you need to build a good trusting relationshiop with them. You will work together with your IP along the way so being able to contact them if things go a little off track is paramount.

Ask us here on the forum who we're with if you want and what our experience is. You could also read the blogs as they give an insight into life within an IVA.

Basic bank accounts are available which are currently free to run so it might also be worth having a look at these.

All the best and you will very soon be on your journey to debt freedom and I sincerely hope you continue to be a member of the forum.

Any advice/support remember we're here and a lot of us have been or are going through an IVA.