Nervous and needing reassurance

[kallis3]

It is a minefield, but you have taken that important first step. Make sure you are happy with whoever you chose, and they should help you every step of the way.

Come on here at any time,and someone will be able to answer your questions.

[billy1010]

Hi Fi,

We like you are just taking those first steps,

I applied for a current account online with Cooperative Bank last saturday and our cashpoint cards arrived today. I never mentioned anything about the IVA.

Best wishes

x

[Adam Davies]

Hi
HSBC are a NO NO when looking for a basic account as they seem to have a policy of closing accounts of people in IVAS,creditor or not.
The Co-op Cashminder is your best bet.
With regards to business accounts your husband will need to open another one with a non creditor if he has debts with his current one and is entering into an IVA.
In the right circumstances an IVA is a wonderful tool to deal with unaffordable debts.As long as you pay your mortgage/secured loans your house will be safe
Regards

[fifilebonbon]

Thanks so much Andy and Billy1010 - I really do appreciate everyone's advice and words of support. There is soooo much to be read on this forum. Just another question - my initial IVA enquiry has been made through the Debt Advice Trust would Melanie Giles be one of their preferred IPs? Melanie - if you are out there and reading this, everyone seems to be raving about you but can you advise about going through the IVA process through the Debt Advice Trust and their IP panel? Goodness I sound and feel so paranoid!!

Thank you everyone!! Fi xx

[Viki.W]

Hey fifilebonbon, I logged on a little late tonight so missed most of this thread but just wanted to say hi.[:)] Welcome to the forum and ask as many questions as you want. We're all here for you. X

[fifilebonbon]

Hi Viki! Thanks for your welcome - as you can see I have so many questions and am so in need of this site and someone to hold our hands through this rather daunting time!! Just cant seem to get my head around the logisics of changing bank accounts, cash flows etc etc....any help advice is so so so gratefully received! Thankyou! Fi x

[Viki.W]

Just take it one step at a time. The most important thing is to open an account. Try the Co-op cashminder, you can apply over the phone or in branch. If your credit record isn't shot to pieces yet, you could still be accepted for a business account..... I was. If your credit rating is rubbish then you could get a business account from www.secretariatservices.net but you'll have to pay a monthly fee. Is there any way that you can have your business expenses go through your personal account? X

[fifilebonbon]

Thanks Viki! My husband is meeting with our Accountant tomorrow so I will ask him to find out whether we could run the business through our personal account. But our turnover is around £100k plus so I think if we can open a new business account that will probably be our best bet. As far as I'm aware we dont have a bad credit status - we just cant get any more loans because in the current climate I think we are maxed out but as far as our credit history goes we are good payers so if we applied for another bank account I'm fairly confident that it shouldnt be a problem. But does anyone know if a new bank would expect us to close our existing business bank account which obviously we would not be able to do because we have a large overdraft with NatWest at the moment and this would have to be dealt with through the IVA. So many questions - think I need Melanie to pick up this thread!! x

[Viki.W]

I had my business account with TSB, I went into NatWest and opened a completely new account. They asked if I wanted to transfer the other account but I said no. You will still have to produce last three or six months back statements but I reckon you'll be ok. You can only try.

[fifilebonbon]

Thanks Viki. Did you have a large overdraft with TSB? And were your bank statements all showing within the overdraft? Cheers Fi x

[MelanieGiles]

Hi there! I am not one of the IPs used by the Debt Advice Trust, who are part of the Fairpoint Group which includes Debt Free Direct. So far as I am aware, they do not do IVAs for self-employed people and will refer you to another firm, which might seem a bit like you are being shifted from pillar to post.

If you decide to stay with this particular firm, or the firm they may refer you to, do make sure that you deal with the IP personally and have a face to face meeting with them. This is a statutory requirement and is for your benefit as well as the IPs. Time spend understanding the process at this stage will be well spent for the future.

And do bear in mind that you can approach an insolvency practitioner directly as well as going via a packager.

[fifilebonbon]

Hello there Melanie - thank you for "speaking" to me! When speaking to Debt Advice Trust they advised me that the whole process is done over the phone and that there is no need for face to face contact, and that because my husband is a sole trader our IVA can be handled under one umbrella of personal and business debt. However I would be very interested in dealing with somebody face to face as I really feel the need for as much hand holding as possible as the thought of this whole process terrifies me. Would you be interested in being our IP and if so what steps do I need to take to work with you outside of this forum. Looking forward to hearing back from you (and of course anyone else!) My apologies for sounding so green!! Regards.

[MelanieGiles]

That is completely against best practice guidance contained in Statement of Insolvency Practice 3 - which all IPs are required to abide by. So I would be pretty concerned about that to be frank - but your husband will need to include both business and personal debts into an IVA.

Face to face meetings are vital in self-employed cases, as your affairs can be more complicated that a normal consumers, and I can promise you that you will get much out of a meeting.

If you wish to contact me, my website details are listed below, outside of that I am not allowed to promote my services on this particular website!

[facingittogether]

hi - glad to see you are getting some answers to all of your questions now!

am sure melanie would be happy for you to contact her and her team, hang on in there she should be back soon to answer you!

keep strong - we are all here for you!

sending you a big hug!

love barb x

[fifilebonbon]

Thanks Melanie, Barb and Viki (and everyone else!) I cant tell you how relieved I am to have found this website! Melanie I will be in touch via the proper channels! And everyone else I'll be in touch on this site again and am hoping for a good nights sleep tonight!! Thanks again so much one and all and I hope that one day soon I will be one of the posters who is raving about my new life with an IVA! Fi xxx