www.iva.co.uk

Hi, new member here that has been reading the website for the last month and took the first plunge to make some calls and e-mails finally admitting we are in trouble, must admit it is so much worse now we have listed everything down! have had a tough month or so but must thank the people that host and post on this site as it is nothing more than a welcome to see we are not alone and others have been through and going through what we are about to embark on. It is easy to think there is any easy way out to solve the problem (dark thoughts every other day)but this would not help those that we brought into this world and is just an easy escape from reality problems that we have caused and now face. I have a question perhaps others and the experts might be able to throw some light on as we have different views, we have a mortgage with First direct, in the T & C's it seems they can call in the loan (even if there is no default payment which there are not) if we were to make an agreement with our creditors (taking out an IVA perhaps?) If we moved forward with an IVA do you think they can withdraw the mortgage and ask us to repay it back? I see from other posts they are not the best bank to like IVA's and seem to just close acounts even if they are not one of the creditors affected by the IVA you have taken (which they will be for a credit card and unsecured loan), any feedback on experience would be most greatfull, and again thank you for such an informative and constructive website.

Hi and a warm welcome
No, you will be fine
This is in nearly every mortgage co's terms and conditions but I have never seen it acted upon
Regards

Thank you for the feeback Andy, give's us some hope perhaps unless they decide to make an example of us!! Can i also gongrat you on the website, very helpfull and so informative

Glad Andy gave you some reassurance. I also think the webiste is informative and supportive to all x

hi there to put your mind at ease, i have a mortgage and secured loan with First Direct, but no other debt, yes they closed down my banking accounts immiediatly, but we still pay our mortgage and loan to them from our new bank account. may i suggest that you move your wages account to a different bank and set up a d/d for your mortgage, before you enter an iva, if that's the route you may be taking.its a good idea to have a new bank account up and running with all d/d going from it, we didnt and what a mess we were in, First Direct held onto our wages, and could not withdraw anything for nearly a wk. in the end they gave us a nominal withdrawel and then transfered the rest to our new bank. hope this info helps a little, its not everyone's experience just our's . good luck.

in-a-mess-indeed wrote:

Hi, new member here that has been reading the website for the last month and took the first plunge to make some calls and e-mails finally admitting we are in trouble, must admit it is so much worse now we have listed everything down! have had a tough month or so but must thank the people that host and post on this site as it is nothing more than a welcome to see we are not alone and others have been through and going through what we are about to embark on. It is easy to think there is any easy way out to solve the problem (dark thoughts every other day)but this would not help those that we brought into this world and is just an easy escape from reality problems that we have caused and now face. I have a question perhaps others and the experts might be able to throw some light on as we have different views, we have a mortgage with First direct, in the T & C's it seems they can call in the loan (even if there is no default payment which there are not) if we were to make an agreement with our creditors (taking out an IVA perhaps?) If we moved forward with an IVA do you think they can withdraw the mortgage and ask us to repay it back? I see from other posts they are not the best bank to like IVA's and seem to just close acounts even if they are not one of the creditors affected by the IVA you have taken (which they will be for a credit card and unsecured loan), any feedback on experience would be most greatfull, and again thank you for such an informative and constructive website.

Remember that banks and mortgage lenders are run as businesses and rarely set out to make an example of anyone,but instead act in the best way financially,and if you put your best offer forward its sure to be accepted.

Paul

Thank you all for your feedback, it seem perhaps we are reading a little too much into the T & C, thinking that we may end up being accepted then to find out we may need to find the amount to pay them off and find another mortgage with the risk of loosing our home and no roof over us and our little one has just made things even more of a worry. Thank fully after being hooked on this website we made sure we opened a basic account with a non creditor and have all that set up to pay wages into etc, might have been stuck if it were not for this site and all you guys and gals that post on here. well looks like we will be taking the IVA route, i will start posting our story as it unfolds, perhaps telling others that are in the same situation and think there is now way out might make them make that first e-mail or call, it took so much for us to do it and we are so glad we did, although it is not even far from over and only the start we do feel there could be some light at the end, and one thing id for sure, we will never be having a credit card again! It is not until you actually list everything down on paper and see what you earn and what silly things you spend money on you actually think, HOW did we ever end up like this?? we should have a house twice the size and brand new cars sitting on the drive (dont even have a drive here). Anyone looking at this, please take it from me, make the call or send the e-mail, there is some hope for us all.

More to follow, will start the ball rolling, just hope it stops at the right place

Thanks again people

Good morning in-a-mess-indeed. Good luck with the IVA its nice to be able to sleep at night again. When the debts pile up you really think you can cope and most of the time the pile gets higher {I think its putting your head in the sand we have all been there}. I approached Debt Free Direct during the early part of 2009 and it was finally approved on 31st March 2009. I still have my down days I am normal, but you do feel so much better. My husband and I are 15 months into a 6 year IVA so we have quite a while to go - but we are getting there. Things will get better. This forum is great there is always someone on hand to give advice, opening new bank accounts if you have an IVA just anything[;)].