Hello, Im new and in need of help please.

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MaxB

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Post by MaxB » Mon Sep 30, 2013 9:25 am
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Hello, My H and I are hoping to start an IVA and I could really use some advice please.
I was reading a thread about opening an basic account to use (we both have a big overdraft) and wondered which one is the best to go with? I saw the Co op one but it says to visit the bank - cant I do it online?
Also our money will be significantly reduced with H taking a different position at work so I'm worried that if we pay the bills this month we wont have any money next month.
This is all so scary and I'm not sure what I'm doing.
I'd be greatful for any replies.
I have spoken to someone about it, but pretty sure he doesnt work on mondays.
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Foggy

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Post by Foggy » Mon Sep 30, 2013 9:31 am
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You can start the process with the co-op on the phone and they will send paperwork.

As for the IVA itself -- it is always a good idea to speak to more than one company to see who you are happy with. It is a long financial relationship.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MaxB

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Post by MaxB » Mon Sep 30, 2013 9:37 am
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Thanks for your reply. Is coop the best one? Can you go and ask for just a basic account? Will they think something is wrong (why wouldn't you want a fancy account with lots of benefits)
My head is spinning :(
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Kelly O

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Post by Kelly O » Mon Sep 30, 2013 9:45 am
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Hello MaxB and welcome to the forum :-)

I would always advise people to open a new bank account at the earliest opportunity and discuss the best options with them, you can try the Co op, Nationwide Building society but avoid HSBC/First Direct/ Lloyds and any other bank which is a creditor of yours.

If you have not be advised already i suggest that you consider cancelling all the payments to your creditors before they are due out. You will need a contingency fund for when you enter the IVA so save any money that you would be paying to creditors for essentials and your first IVA payment.
Regards Kelly Osadare Debt Advice Manager at www.pjgrecovery.com (host to www.melaniegiles.com.)

PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
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Foggy

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Post by Foggy » Mon Sep 30, 2013 9:55 am
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I can't say if co-op is best - I use them and they have been OK for me. Ask for CASHMINDER account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MaxB

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Post by MaxB » Mon Sep 30, 2013 10:00 am
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Thanks so much for your help. I've got a lot of thick questions to ask (sorry) Do I need to tell the new bank that I'm hoping to do an IVA.
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Kelly O

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Post by Kelly O » Mon Sep 30, 2013 10:07 am
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Hi MaxB,

Which IVA company are you using? You seem to have a lot of answered questions which should have been covered and discussed with you.

No you do not have to tell the bank why you want a new account, just you need a basic bank account
Regards Kelly Osadare Debt Advice Manager at www.pjgrecovery.com (host to www.melaniegiles.com.)

PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
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ginger323232

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Post by ginger323232 » Mon Sep 30, 2013 10:29 am
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Its also worth looking into credit unions in your area - as an increasing amount of them offer current accounts. It will also put you in good stead should you need to borrow some money from them in the future (with IPs permission of course)
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MaxB

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Post by MaxB » Mon Sep 30, 2013 11:05 am
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Thanks. I've been speaking to national debt relief which I think is a sister company to McCambridge Duffy. I've had a couple of chats with this guy but I'm just unsure about it all after burying my head in the sand for so long.
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MaxB

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Post by MaxB » Mon Sep 30, 2013 3:13 pm
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Well I've just called Co op and applied for an account. They didn't laugh me off the phone so that's something.
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MrsR

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Post by MrsR » Mon Sep 30, 2013 4:33 pm
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Hi there,

We have an account with Barclays and have had no issues at all.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!
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MaxB

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Post by MaxB » Mon Sep 30, 2013 4:44 pm
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I have an overdraft with Barclays (and Natwest) so they are a no go. H is with Lloyd's. I'm hoping all goes well with co op. There's a local Halifax but not heard anything about them.
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kev59

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Post by kev59 » Mon Sep 30, 2013 5:16 pm
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talk with more then one company before going into a IVA. 1st company I talk with left me, with lots of ? on my mind. phone a 2nd company and come off phone knowing a IVA was the right thing for me.
My IVA is over now and I know I got the right company to go with.
IVA now over with and it was worth it.
now starting my life again,
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MaxB

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Post by MaxB » Mon Sep 30, 2013 5:51 pm
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Thanks Kev. I guess I just don't know what questions to ask really other than how are we going to cope going from £34k to £16k a year.
Theis company has no fees which is one of the reasons we like them.
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brokebryn

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Post by brokebryn » Mon Sep 30, 2013 5:55 pm
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Hi MaxB,

I got a Nationwide Flexaccout with a debit card [purchases in store and online, plus autobank withdrawals] when I started with my IVA back in 2007. They [Nationwide] were fine with it.

I did my IVA with PayPlan who were very good to deal with in my case, but others are currently having problems. It could be getting too big as an organisation, I don't know. But for me it worked very well.

As for other IVA firms, people write glowingly on here about Melanie Giles - she is a great help to loads of people. Also mentioned in despatches is Michael Peoples of McCambridge Duffy, they get great press too. They both kindly gave me advice while I was in my IVA.

As others have said, phone around and consult a few IPs / IVA firms; and banks as well to see what they offer as a basic / no overdraft account.

Good luck with it all.

Bryn
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
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