Please Help

[sjbyron]

HI

please help!!!

I had an IVA with DebtMatters, but due to several reasons, I have requested for that IVA to fail and am now the owner of a certificate of non-compliance.

Im looking at other IVAs or DMPs I dont want to go bankrupt.

Before my IVA with DebtMatters I had a DMP with Gregory Pennington and they were good so I went to them for advice the suggested either and also a managed bank account. But Ive been looking around too.

Ive asked Melanie Giles Firm (spoke to Tina) and also Thomas Charles.

I dont know who to go with and whether the Managed Bank Account was a good idea or whether a basic building society account with a prepay card would be a better idea. Such as the Yorkshire Building Society Cash Transactor Account and the Cashplus Titanium Card:
http://www.ybs.co.uk/savings/instant_ac ... /index.jsp

My Creditors are:

Capital One Visa - £550
HSBC Overdraft - £2200
HSBC Mastercard - £540
RBS Mastercard - £640 - Now with Debt Collectors Fredrick International
RBS Overdraft - £1500
Co-op Overdraft - £1400
Nationwide Loan - £14900
Nationwide Visa - £1100
Nationwide Overdraft - £2200
Alliance and Leicester - £440
Alliance and Leicester - £240
BarclayCard - £540
Solutions Finance - £3400
Monument Finance £2900
GUS - £3400
Next Plc - £3400
Student Loan - £4700
Studio Catalogue - £990
lxdIRECT - £540

So I dont know whether to go with ThinkBanking and Freeman Jones or Melanie Giles and YBS.

I dont want to go with another IVA Factory.

Please advise



Stu J Byron

[catullus]

I think that you'll find that a manged banking arrangement isn't all that it is cracked up to be and, given your criteria, Melanie's firm would be the better choice for you.
Be prepared, whoever you chose, however, to have a very good explanation as to why the last IVA failed and why it won't happen again.

Hope that helps and spares Melanie the embarrasment!

[Skippy]

I know I'm the minority on the forum but I'm not a fan of Think Banking. I feel that unless you have a lot of bills the £12.50 isn't value for money and you'd be better off with the basic bank account and the pre-paid card at £4.95 a month.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
Catullus quote "I think that you'll find that a manged banking arrangement isn't all that it is cracked up to be"
Why do you say that ?
I would say that it IS all that it's cracked upto be.
Your DDs and SO are paid from a seperate account that you do not have access to.We all know how tough it is in an IVA or BK and this bank account takes away the possibility of you spending the IVA or mortgage money when times get tough.
Skippy was not suited to this account as she had very few DDs etc

Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

And she's turned into a real cheapskate!

Seriously, sorry for not making that clear.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[catullus]

It's the cost that get's me Andy and I'm not sure what you are paying for.

And I think that it removes a degree of flexibility that you should have but, having never used one, I am prepared to bow to your experience.

[bagpuss]

I dont know anything about it...but it sounds like what we have set up..with alliance and leicester now...robs wages get paid into a bank account each week, having worked out how much we need to cover ALL bills we have that amount took from the normal account and its put into another account that we named "budget Account"...the budget account has no chq book or debit card. All the direct debits come out the budget account. So at the end of the month there is 4 lots of weekly amounts gone in and that covers all bills.

So whats left in the normal account each week is ours....great when he has had a good week, not so when he hasnt......but its nice to know that all the bills are paid. We do have access to the budget account and can take money out through the bank but this is where you have to have will power.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[MelanieGiles]

Personally I do not think that this account offers anything that careful account management by the individual cannot offer.

But I do accept, Andy, that for some people £12.50 per month to deny them access to their own cash could be the sort of discipline needed for a return to financial awareness and stability.

For clients entering into IVA proceedings, this charge does need to be taken into account when preparing income and expenditure statements.

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

[sjbyron]

What should i do regarding the IVA and who to go with?

and is the YBS Cash Transactor account a good one
(http://www.ybs.co.uk/savings/instant_ac ... /index.jsp)

Stu J Byron

[MelanieGiles]

Hi Stuart

I gather you have already spoken to a member of my team, and are undecided at present what to do due to the nature of your employment. It may be better to see what happens with this before choosing the right advisor, as an IVA may not ultimately be a solution for you.

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

[sjbyron]

Thanks Melanie
Tina was excellent by the way.
I dont want to do Bankruptcy (although i dont fully understand the consequences of it)
You do come highly recommended and i am thinking highly off you.

Stu J Byron

[MelanieGiles]

Hi Stuart

I am happy to have a direct chat with you about bankruptcy if you like. Please call Tina tomorrow and she can arrange this in my diary. Look forward to speaking with you, and do take a second or third opinion so you have have something to measure against.

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

[sjbyron]

Thanks Melanie
I will do.
Ive had IVA opinions from Thomas Charles and Freeman Jones and am just seeking advice.

Stu J Byron