www.iva.co.uk

Hello all

Been reading the forum, and it looks wery informative.

I'm considering an IVA, so just a few questions really.

I have VERY large CC bills, a couple of large loans, and two bank accounts, one with Natwest one with A&L

Luckily I am not in bad arrears with any creditor at the moment, however, this will change very soon.

Am I allowed to keep my bank account with A&L as I do not owe them any money, I just presume they will remove the O/D facility??

Can I keep my mobile phone contract??

And I have a small car on finance, I presume this would have to be sold and the finance be settled?

Sorry about all the questions

Thanks

Lee

Hi and welcome.

You can keep your bank account with A&L, but as you say, the overdraft would have to be removed.

Your mobile phone contract will be ok as long as the monthly bill is not too high.

You may be able to keep your car as well, as long as you could finance the payments as well as your IVA payments.

I recommend that you contact an IP for advice Visit www.iva.com for a list of companies or reviews, or visit the expert link on the left hand side of the page here. There are a lot of professional experts who post on there who come highly recommended. Give one or two a call and they will go through all your options with you and advise you as to the best way forward.

Hi there

Your bank account ought to be safe, as will your car so long as you agree to make the ongoing HP payments as an expense of the IVA. Your mobile phone contract should also be fine so long as you maintain the repayments.

Thanks for the help in answering those questions.

Its a daunting thing, but need to get it moving ASAP, I'll speak to an IP next week.

This site is more than informative - its incredibly supportive. I was waking up at 5am every morning in a cold sweat until I found it...

Have a chat with more than one - this will give you a feel since you have to work with them for 5 years. Good luck.

Keep us posted leetay, and don't forget that we are here for support or advice most times of the day.