Stopping payments

[ruby38]

Sorry this may sound a bit silly but i don't know what i should do for the best.
I was advised today by the the company that will possibly act for me on my IVA(i have recieved the paperwork to read & sign today)to stop making payments on my loan and 3 credit cards. I have been making minimun payments on them up till now.
Please can anyone advise me if this is correct as i have 2 payments due next week and i don't know what to do.
I will be gratefull for any advise.
Thanks

[aguise]

Hi Ruby
It is quite usual when proposing an iva to be told to stop payments to creditors. Some companys say to make token payments but go with what your company says. It is strange to not have to make the payments, but you need the money to make your first iva payment, Dont be tempted to pay one and not another as this could be seen as favouring one creditor over another. You will probably start to get calls when payments start to miss but just refer them to your company and dont be pushed into paying anything, they can be aggressive sometimes as I think some are on commission from what they get back. All will be well and I wish you all the best for your iva. Any questions please ask.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[ruby38]

Thank you for your advise.
It just feels realy strange and wrong not to make the payments but as you say it could look like i'm favoring one and not the other.

I did pay one card (minimum payment)yesterday & my loan is due to be paid by dd on the 1st so i think it is to late to stop that. I just hope that doesn't mess anything up.

[aguise]

Dont worry ruby it wont mess anything up. If your debts are with your bank you will need to open another account and have your wages paid to that otherwise the bank may hold your wages.
You can cancel the direct debit. My loan was with the bank and I didnt cancel it I just let it default, I had changed my wages to my new account.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[ruby38]

My loan and 1 card are with the bank my wages go into.
Now i am realy worried as the company i am going to use said i shouldn't need to change bank.

Also my husband doesn't know about any of this. I have a seperate account my wages go into but we also have a joint account at the same branch.(i suppose thats what happens when you keep secrets).

[ruby38]

yes it is one of them. I have loan with them and a credit card both of which will be taken into account.

I don't know why they didn't advise me of this as i said that the loan was with the bank my wages go into.
Best i start sorting out a new bank account on Monday. Now i am worried as it means i will have to tell my husband.
Thanks for all the advise.
Ruby

[aguise]

Ruby I would speak to the company again before you do anything. If your loan goes from the bank you owe it to then your company should have advised you to get another account not associated with your debts. I would not change anything until you have spoken to them.
I would think it will be very difficult to have an iva and not tell your husband, maybe you should consider talking to him, to get his support . Which company if you dont mind me asking.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[ruby38]

The company i have been talking to and who have sent me all the paperwork are Chase Saunders Ltd.

[aguise]

Ruby
I would have a chat with one of the companies on this site before continuing. I would advise giving Melanie and her team a ring, they will give you good honest advice on the best way to proceed, as said on your other post if they are not actually a firm of Ip's then maybe this is why you have not been advised about what to do with the bank account.
Sit and think of all the questions you want to ask and you will get good advice.

I am just like you in debt and now in an iva so hopefully Melanie will be along later to offer an opinion.
Dont worry Ruby jsut get another opinion before going any further.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[ruby38]

Thank you all so much.
I have seen some of Melanie's advice and i think you are right i do need to talk to her or her team. I am just so frightened of what is going to happen, i also know i have got to admit this to my husband but i an afraid of where that will leave us.
I suppose i must think of it as afresh start and hope he see's it the same way.
Thanks again

[aguise]

All the best Ruby. Most I have seen that have had to tell family have received great support from them, I would think he would be more hurt and upset if he found out at a later time.
This decision has to be yours though.
Keep posting and let us know how you get on.

Ang xx

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

Hi Ruby

I would certainly be happy to give you advice or a second opinion if you feel we can be of assistance. The firm you have chosen appear to be loan brokers rather than IPs - are they suggesting that they refer you on to an IP at a later stage.

I strongly recommend that you share your problems with your partner before proceeding, as you will both need to buy into the idea of any restucturing plan. And if you feel better making token or pro-rata payments to your creditors then do that. There is no problem with this, unless the company you are using are charging up front fees, and if this is the case make sure that they offer a refund in the event that an IVA is not eventually suitable or acceptable to your creditors.

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

[ruby38]

Thanks Melanie

I would like to discuss my situation with you.

The people i have spoken to have not mentioned refering my case or details to any one else.
They have said that if i do with to go ahead and sign thier agreement i need to make the 1st payment on 1/12.They have sent a giro slip.

I asked them what would happen if the proposal was not accepted and they said it had only happened to them twice, both times due to fraud being involved.
I know i realy need to talk to my husband now but again after speaking to someone at Chase Saunders today he told me it was possible to do this without involving him.

I realy think i need to discuss this with either yourself or one of your team.
Ruby

[scaredkez]

ruby, please seek advice off melanie before you do anything else, she is honest and will tell you straight, don't make any payment until you have had the second opinion off melanie, you will be in good hands, please do that for me.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[ruby38]

Thanks Kerri,

I have just been on Melanies website and filled in an enquiry form. I will get advise from Melanie before i do anything else.

I would like to say thanks to everyone for there support and advice.
Ruby