New to iva - advice please

[kallis3]

Only cancel payments to creditors. Start changing over your utilities now and you can always tell the companies, if there is a problem with a delay, that you are in the process of changing bank accounts. There shouldn't be a problem.

[kev59]

take any money out as soon as its paid in.
and pay your utilities my phone from your new bank.
only thing the bank can do is put you further in the red, which will go into the iva.

[Shining]

In such a short time they won't realise, what will be left with your bank is your debt to them only, everything else will be transferred over long before they're told you're applying for an IVA.

Why not cancel it all and pay over the phone this month explaining by saying you've opened a new account, that way you'll be sure they're paid and nothing will be left in your old account. By next month your salary and any other monies will go into new account and you'll have a fresh start. x

[annearchie]

i have an options phone call tomorrow is this step 2 of the iva?

[MrsKnight]

Hi Anne & welcome to the forum from me,

Not heard of a options phone call - it sounds like they might go through everything with you to make sure you understand what a IVA entails & just to let you know of any other options that may be appropriate for your situation.
I know I remember all the options available to me being discussed x

[MrsKnight]

Ps: sorry which IP / IVA firm have you been talking too? We may have some posters or member from the company whom may be able to offer you further advice x

[kallis3]

I imagine an options phone call will be to go through everything with you and give you information about all of the debt solutions and make sure that you understand what you can go for.

A good IP company will go through debt management, IVA and Bankruptcy options.

Once it has been established that an IVA is suitable for you then you will need to gather together details of all of your creditors to send the information to your prospective IP before they can draft a proposal.

[Foggy]

Yes, Jan, that is what my firm called the phone call we had to discuss options. We were then sent the minutes of the call to agree and sign.

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3

I imagine an options phone call will be to go through everything with you and give you information about all of the debt solutions and make sure that you understand what you can go for.

A good IP company will go through debt management, IVA and Bankruptcy options.

Once it has been established that an IVA is suitable for you then you will need to gather together details of all of your creditors to send the information to your prospective IP before they can draft a proposal.

This is an echo of pracisely the situation I was in a few days ago.

I was with Natwest and I just called up or internet edited every single direct debit myself for untility and household bills etc.

Ensure that you don't transfer funds with the switching team at the bank. Do it yourself or else all your creditor's direct debits go over to the new account too! Then they can re-instate them and I fell into that trap.

Natwest I didn't cancel the Natwest ones (for my loan and overdraft) until I walked into the branch, took my salary out in cash and deposited it into my new account in cash. I then cancelled them all the direct debits.

I am just waiting until tomorrow when all Hell breaks loose and the phone calls and the letters start..."fun"...