Saying hello...

[Slowlygoingunder]

Hi I have avidly been reading the forum and all the positives re IVA
I t has helped be make an informed choice to go ahead
Due to a half cut in OH wages I can no longer meet my commitments to over £28000 of Cc and bank loan debt
We have just managed to keep afloat but from this month on PT pay its impossible
All debt is in my name
I took the first tentative steps and contacted steps change
They think an IVa is the route to take . Estimate £140 per month , is this realistic for acceptance ? I'm praying all will go smoothly , I have a phone appointment next tues so need to gather as much info as possible
Feeling scared, nervous, optimistic and every other emotion all at the same time !!

[Foggy]

Step Change are funded in part by the banks and so have a very good working relationship with them. They also deal with 1000's of IVA's so are well versed in that will be accepted.

Best of luck on your journey.

[Shining]

Hi and welcome to the forum. So glad you've made a decision and found a solution to help enable you to have a debt free future.

[Slowlygoingunder]

Thanks I'm feeling sick T the thought ! But I'm holding on to the hope that once all the initial turmoil is over it will be a good thing ! Just cancelled dd for next payments and will make a small payment to each main problem is my bank loan is due out next week , can barclays still take it if dd is cancelled and I make a small payment ? I have a 1200 OD which I am trying not to go into !
Steps change have sent me an application for a barclays basic account as apparently barclays allow this , so much to take in my head is spinning !!!

[seagulls]

Hi I was recommended to leave usual bank account and transfer all direct debits and standing orders over. You basically have to leave the overdraft and add it to the IVA.

[Foggy]

If Barclays is a creditor, then there is a slim chance that they will offset any money in the account against their loan if they get a sniff if the IVA.

Maybe they have some sort of agreement with Step Change, but I am surprised they suggested an account with a creditor.

It would be safer to open a basic account elsewhere, like a Co-Op Cashminder account.

[Slowlygoingunder]

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

Hi I was recommended to leave usual bank account and transfer all direct debits and standing orders over. You basically have to leave the overdraft and add it to the IVA.

Step change apparenty have some sort of arrangement with Barclays as the application form has Steoschange name on and a proforma letter to include with ref number , I haven't used my overdraft ... Yet .. And hoping to leave it intact so won't be included in iva ?? Unless they still take bank loan payment even though I have cancelled DD .... God it's stressing me out so much and haven't even had phone interview yet !!!

[seagulls]

I would go with Foggys advice ...its safer !

[Shining]

I do think to get a bank account that is not associated with any of your creditors is good advice and that way nobody can touch your money.

This time is always the stressful bit but once you're in the hands of an IP they can do all the work and I do realise you may get some creditor calls but at least you know it won't be long then until your meeting date. All the best and remember we're always here for both help and just support if you need a chat. You're never alone.

[Slowlygoingunder]

Thanks , do you think I should and make a small payment off the loan ( normal one is 310 , there's 200 in my account till pay day for food , petrol etc so was thinking of paying 60 ? Then should I cancel OD which is untouched? Wages and utility Dds due out 1st , pushed to open new account and change all Dd s by then !
Got letter from IP today confirming interview by phone next tues and copy of my i&e and debts so need to gather all up to date statements etc , as its in my name only but worked budget on joint income will I need partners payslips do you think ? Ooooo sooo hope this all works out !!! Il have no fingernails left by tues !!!

[recovering]

I didn't make any payments, saved the money for contingency 3 years in it's all gone! I also unplugged my phone, others take the calls and explain the situation
it was stressful but you will get through it just come on here when u need a chat/moan/kick

[seagulls]

I did make the payments but wouldn't again . I would save any money as a contingency as the payments made no difference at all

[Foggy]

I saved the payments and fielded calls from creditors. Go into any online accounts and remove any work contact numbers so you don't get calls in the office.

[Shining]

I made no payments from the October to the February when it was my meeting date. I did get creditor calls and did take them always saying the same and buying myself some time before the next call from them. I built up some contingency and used this when my boiler went wrong very early on in my IVA.

[Slowlygoingunder]

Thanks , I've cancelled all DDs , not officially missed a payment as yet only bank loan due out yesterday , came out of account but credited back , witch takes place on the 3rd and then no ties with Barclays , wages will go in Friday and bills come out on the first , not in OD , got phone meeting at 1pm today ... Eek ... Nervous
Been number crunching all morning till my brain hurts !!! Based on joint income from me and partner and miserly lodge my 21 year old can afford ! Used allowed expenditure and disposable income around £140 ish
Then I worked it out based on 50/50 for main house hold expenditure minus allowances related to other half ie petrol, car tax , AA ( I don't drive ) and came to £103,.. Feel this may be too low to be acceptable??? We earn roughly the same give or take 50-100 , he is salaried , mine is hourly paid (35h) contract . But some months are 5 weeks so it can change , plus if I have time off eg son is sick ) I don't get paid , I have last 3 months pay slip , 1 a 5 week month , one a a normal 4 week month and one less a few hours for time off .. Shoul I give the average the amount and give that ? Ooo I'm getting jittery now ... But need more coffee ! Any thoughts would be very welcome