The most banks will allow you in an IVA is a basic account Hello Everyone. I am preparing for an IVA and after reading this forum I went and opened new bank accounts.These accounts are with Lloyds TSB and The Co-operative Bank (both are not creditors). My worry is that these are current accounts (w...

Hello I have seen it asked so often on this forum but have not seem anyone post a reply mentioning this site so please forgive me if I am repeating old news. I came across this pre-paid card comparison site by chance and it seems quite helpful. It compares all the prepaid 'credit cards' out there gi...

Hello I am thinking of an IVA and just have a couple questions. From reading on this forum I understand that your credit file becomes extremely bad making it it very difficult to get rented accomodation or bank accounts. Does this also apply to utility companies? If I ever needed to switch my gas,el...

Hello Everyone.

Are the costs of higher education allowed for in an IVA? I am doing a degree course via the Open University and wondered if I will be able to continue it after I apply for an IVA. The cost is roughly £70/month.

Thanks for all your help

Hello & thanks for the replies. If BRs and IVAs come off your credit file does this mean after 6 years a person who had an IVA is no better than a person who went BR? I read somewhere on this forum that credit referencing agencies treat an current IVAs the same as BR - is this true? Certain proffess...

Basically, for the rest of your days, if you are asked if you have ever been BR you will have to answer yes. Hello Everyone. Just some questions so I understand this. What happens after year 6? Is a completed IVA erased from your credit file or is still there? Is bankruptcy permanently on your file...

So that sounds like 40p to the pound-(567/1408)*100 - to creditors/IP Fees. Hello again![B)] Somebody PLEASE explain to me this Pence in the Pound buisness! The above quote just confused me.Is it the ratio of net income to disposable income? I thought it was worked out as the ratio of total value o...

Hello again Thanks for the info, it has been helpful. A thought just occurred to me. How will the IP or creditors know if someone does not declare that they are living with someone? I know it is wrong but I suspect this happens.For example, where the partner in the IVA pays all the bills in the hous...

You will rarely find someone who will advise you that it is better for you to offer a DMP to your creditors over an IVA if you fit the IVA criteria, but at the end of the day that is your choice. Some statistics to perhaps bear in mind. 80% of IVA proposals presented to creditors are accepted, and ...

Hello Thanks for the response. Below is my info as worked out on the expenditure summary from the CCCS. Total income - £1408 Total expenses - £841 Surplus - £567 TOTAL DEBT (APPROX) - £56000 Approx Repayment time - 8.5 years This does not take into account the future pay rises or overtime. Thanks fo...

One general statement that is made frequently on the site is that the creditors are always free to change their mind on contribution levels during the course of a DMP and demand more money. This statement is factually true. In reality we have not had a single case where agreement has been reached w...

Hello I am wondering about something along the same lines. If you are in an iva and then move in with someone or get married does your partner have to submit information of what they contribute to the IP? What if they are unwilling,do not know of your iva or are on benefits/unemployed? Do you keep q...

Hi So I decided to deal with my debt problems and phoned the Consumer Credit Councelling Service for independent advice.(as per leaflet from Barclaycard). The very helpful counsellor went through my I&E with me and posted all the documents to me. Their reccommendation was that I go on an 8 year DMP ...

Hi

I called a Debt Firm during my 'shopping around' for an IVA and the first question was wether I had MBNA,Royal Bank of Scotland and Northan Rock as my creditors. I owe money to MBNA & RBS. Anyone know why I was asked about those three in particular[?]

Hello Everyone. I am considering an IVA and as advised on this site I have started shoopping around the firms trying to find out how much they charge. Unfortunately all I am getting from my enquiries is that I will have to pay 2 months of my estimated disposable income to them to cover costs. Is thi...