You will have to be prepared for the phone calls - they will happen.
Don't worry about the charges - they will be included in the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
kallis - thanks for doing that for me. Not much news at the moment but the proposal should be with us tomorrow or wednesday. Are they really big documents because I think we need to check them before signing. Do you have any advice on the main things we should be checking?
njc - Takes a few readings - to fully understand what your signing up to, what i can remember its not an "easy read"
So it is well worth going back to a few times.
Any concerns or problems use your IVA company / or the forum for anything you not to sure of !!
Remember this is a contract for 5/6 years - !!!!
Check about the equity release clause/overtime/windfalls - all of these seem to cause concern at the moment
Last edited by ginger3232 on Mon Aug 22, 2011 5:12 pm, edited 1 time in total.
hi, we felt un comfortable stopping payments but with hindsight it was the right thing to do. we were in such a mess[V]. this part can be alarming as creditors continue to add charges on, BUT this has no impact on what you can afford to pay you pence in the £ to creditors.
read your paperwork carefully,post here if not sure- experts will reply plus regulars and don't be worried about ringing your IP or emailing them if unsure on any of it.
sounds like you're doing well,hug
Nothing stays the same...everything changes..hang on in there!
ginger3232 - thank you, will bear that in mind. My partner's overtime has pretty much dried up and mine fluctuates so they should have taken this into account already I hope as we did explain that to them at the start.
Ivaniva - we have already sorted out the account and will be moving our last £60 over this week! We've moved our salaries across too, hopefully we can also sort out a contingency fund.
Rosepetal - thank you, we will probably have loads of questions! Our IP company have been very supportive and it really helps having everyone on here to talk to as well.
njc - sorry to butt in mid thread! You say your overtime fluctuates so they should have taken this into account already - they haven't included this in your normal take home wage have they? It should only be normal wages as overtime can be withdrawn at any stage? I may just be reading it wrong but it looks as though you are saying they are including it?
Went to the bank we have our basic account with to get individual basic accounts as the one we have is joint (to put contingency money in separate of our expenses). They gave us current accounts as you can only have one account like the one we already have. The only question about IVA's in their application process was "have you entered an IVA agreement?" to which at the moment the answer is no because nothing has been signed or agreed. We obviously declined to have any overdrafts whatsover on these accounts but I am just wondering if they will take these accounts away from us again if the IVA is agreed? We only went in there for basic accounts but got the current accounts with no credit facilities and they are not one of our creditors so will it be ok? As I understood it we didn't have to declare we were going to propose an IVA, only if we were already in one - hope we have got it right!!
You have answered the question truthfully so there shouldn't be a problem - depends on which bank it is though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It's nationwide, who I understand are quite IVA friendly anyway from what I read on here. Thank you for helping me. I'm quite scared about all of this but trying to put on a brave face for my partner as he is quite stressed about it all. It really helps to have you and all the other members here for support.
I thought it was. You should be fine. They are my main account and I opened it pre iva and have had no problems since.
It is a stressful time, my husband was quite ill when he found out the extent of our debts as I'd kept it from him. We came through it thankfully and are well on our way.
You'll be fine as long as you support each other and of course the forum is here for you at any time.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You are allowed a current account in an iva. There's no need to open a basic account unless your credit file is so bad that a bank won't give you a current account.
A current account may actually work out better as they are registered with the credit reference agencies whereas basic accounts may not be. So you get a lovely clean credit score against your bank account as you aren't indulging in any unauthorised overdrafts!! This will help post IVA when you need to re-build your credit score.
I've not checked my credit record but I think my Cash+ account was registered on there pre iva so assuming it still has a nice clean sheet now.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
How much should we put away from next months salaries as a contingency fund? If we are no longer paying our creditors we will have quite a surplus as our payments were quite high. How much is too much? We are probably now looking at the IVA being in place mid september if we get a yes vote. Also my partner cancelled his direct debits as we had been advised and literally the day after he did it he has started getting phone calls from one creditor and he hasn't even missed a payment yet! Can he just ignore them for now until we know where we stand? I think the company is one of those who you have to have a DD set up with as part of the agreement.
