PLEASE HELP! We have just received our proposals and the figures for Lloyds bank have increased by almost £2,500. We had to live on our credit card & overdraft. Obviously, the loan amounts came down a little in that time. The problem is that Lloyds is our biggest creditor so we really need their vote.
You really need to stop using any credit at all. Are you still paying your creditors? If so then stop doing so to build up some contingency. Does the proposal take this into account?
Speak to your IP company as they are best placed to advise on this.
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
As Jan says when you first start the IVA process and when you realise your insolvent all credit should be stopped. If you stop paying your creditors and in the run up to the creditors meeting get your budget in place so that once the IVA has been accepted you're already living within a budget. Have a chat with your IP and get some further advice in respect of the budget. Did you IP advise you to stop payments to creditors. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Sorry. In a pickle & can't log in. Had to re-register. No. As soon as we knew that there was no way out and we would have to go down that route we stopped payments but it really was basic stuff we used the card for. The check was after an initial phone call. Had given verbal permission for any credit checks but thought it would be if decided to go ahead. The other cards will have gone down as all payments were made but that was the only credit available.
If you are having to use credit having stopped all your payments, how will you be able manage your IVA payments?
You need to speak to your IP about this.
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
I am making a right pigs ear of this! Sorry, once we knew we wre going to try for an iva we stopped card payments and no problems with the money as had cash to spend on the basics again.
Hi - I'm easily confused and have no idea what's been going on above LOL!!! But congrats for being able to stick to your IVA budget...this stands you in good stead for the next few years. Back to your original query about the inflated Lloyds claim: they will have had to provide evidence to the IP. If you believe their claim is higher than it should be, you can ask your IP to provide yu with their evidence and query anything you aren't happy with.
I'm a bit confused Paula. Is the card you have been using included in the IVA? If so then you should not have been using it at all.
Will you be able to afford the IVA payments?
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
Think I need a strong cup of coffee and start again.
I made an initial enquiry at beginning of November, I think. Iva was suggested. Spoke to them again with tons of questions & I knew that if we did proceed the IVA company would do a credit check. However, we were convinced there must be another way, IVA seemed such a big step. Just wanted to explore every option available. Christmas came and went. Paid all bills but having to live on the last bit of credit available.... That's when you realise that the lottery win didn't come. So, mid-feb spoke to IVA company so that they could speak to my husband and we realised that there really weren't any other options. However, the company concerned did a credit check at the beginning of November. We hadn't decided about the IVA then and were oblivious to the check.
Because we were carrying on as normal, loans and all cards were being paid so other card providers will have come down (or not gone up) and the 2 loans have come down. As soon as we were being sent an initial pack to sign and the decision to do Iva had been made no more credit was used. My worry is though, that Lloyds are our biggest creditor and we only had credit available on their card. This we have had to use for the 3 'lost' months in between.
Also, I know that the company is highly regarded so do not want to knock them. Just was done back to front, it seems to me.
Poor you, having to follow my rantings. Thank you. Did I make it clear that the LLoyds card has gone up in the 3 months but they will need to be a poitive vote to make up the 75%. If only it had been a different card! But then, if only I were rich.....
I think it is plainly obvious that myself and computers do not mix.
If you've not used any credit recently then you should be Ok but speak to your IP if you have any queries.
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
I think most creditors realise that, at the point of entering an IVA, debtors are generally relying on credit to survive, and will accept that lines of credit will be used until a solution is found.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
