www.iva.co.uk

Can anyone help. We have just recieved a letter in the post from our bank saying "We have recieved notification from XXXXXXXXXX that you have entered into an IVA with your creditiors" we have a"one account" which is our mortgage and bankaccount in one. We have been in our IVA for over 3 years now and we suddenly get 30 days to pay it back and to get another bank account and mortgage.

We have spoken to the bank and they say that they have "JUST" been notified by our IP. But we have been in it for over 3 years.

We have just had an offer rejected in full and final settlement.

Can Anyone help, is there anyone we can speak to to sort this out?!

Thanks, Alan

Which bank are you with? Has your IP paid them any dividends yet?

its the one account. I think originally it was virgin and then RBS

Yes its a "one account" originally "Virgin One Account" now part of RBS.

Apparently its "normal proceedure" that because we have entered into an IVA "we hereby demand repayment of the total amount outstanding on your account" As out bank account is also our mortgage account.

We are really worried.

So are they saying you have to now pay it all in full, or is the letter merely a formality?

They have given us 30 days to pay in full

Hi
That is a concern and may affect anyone with a "one" account to question the merits of an IVA.
Regards

I am sure that they do not mean to forclose on your mortgage account, and think you need to speak to them again to find out exactly what their intentions are.

they are very strict with thier lending and will not allow a right to buy even though the property is heaverly discounted

Hi
Quote "get 30 days to pay it back and to get another bank account and mortgage "

I read it that the mortgage would be foreclosed, hope I am wrong.
I think one for the Sunday papers if they are asking that !!
Regards

Surely if you are up to date with mortgage payments they wouldn't be allowed to do this?