www.iva.co.uk

I have just found this forum as I am searching for a solution to my debt problems. I owe a lot of money to many creditors and am now looking to get an IVA if possible. I am now looking for advise. My husband and I both have bank loans with the TSB that take over 600 a month. Can I cancel them and stay with this bank or should we change bank accounts first and then cancel them? It would be a big help while we see if we can get an IVA. And what other bank is not associated with the TSB? I perhaps should mention here that we also have a 2000 overdraft with them. It doesn't help that these loan payments go out before my mortgage and I do not want to get behind in this payment as so far I have only stopped paying the credit cards and catalogues. So any help you can give me at this early stage would be helpful. Thank you

Welcome to the forum. My advice is for you to contact a website called www.iva.com
A number recommended companies who post on this forum that will provide independent advice based on your own set of circumstances. Once you have spoken to two or three you will gain a preferred company...they will guide you through the process and advise when to stop payments etc.

Hi
I was in your position,
I owed TSB with a £3000 overdraft and two loans. I opened a basic account with no overdraft with natweat who are not associated with any of my debts and moved my wages and essential priority debt direct debits over to there. I then had control over my own money and my priority dets got paid. My account of course went into unauthorised overdraft so I just wrote to them explaining I was trying to sort out my debt problem and would be in touch. I applied for an iva and just ignored all their phonecalls and letters! The iva got accepted and all their charges were included. TSB voted yes at the meeting. Good luck x

Just be aware if you cancel the loan direct debit they will be informed and start contacting you for their payment. They will not think twice about clearing your bank account to fund the payments and are allowed to do this (off setting) so please open a new basic account and transfer all your money asap x

Sort yourself an account out switch what direct debits etc and inform anyone paying into your account of your new details. Take a look at www.iva.com. Choose 2 or 3 persons to chat to. Welcome to the forum glad you found us x

Hi. As above, open something like a Co-Op Cashminder account (assuming they are not one of your creditors) and transfer your money there asap, followed by essential direct debit authorities, etc. Once TSB get a sniff of trouble they will protect their own liabilities first!

Then, or whilst doing this, as advised above, chat to a few companies on www.iva.com It is important to speak to a few as you will be entering a formal, fairly financially intimate relationship for 5 years or so. You must find a company you are comfortable to work with at this level. The advice is free and without obligation at this stage.

I can only echo the above - the importance of having a new account with a bank not linked to your debts where any wages or salary are secure. Our previous banks pulled all our overdrafts (4 personal and business) as soon as they got wind of our approach towards applying for an IVA, fortunately we had transferred months earlier.

Take the advice offered above. We went with Thinkmoney because they give you two accounts. One for your bills and one for your spending money so that you know that the money on your card is all yours. It worked so well for us that my husband and I have carried on with them after finishing our iva.

Thanks everyone for your reply. I have had to delay doing anything as firstly I re-buried my head in the sand and then last week my mum died Not having a good time at all. I suppose I just dont know were to begin.
Susan[:(]

Susan I'm sorry to read of the death of your Mum, my sincere condolences to you. Putting your debt problems on the back burner for a couple of weeks won't be detrimental, take a little time out for you to grieve for your Mum and then make a positive new start and begin by contacting a couple of companies to just have that initial chat. One step at a time.

Sometimes life is far more important than debt and although it won't go away losing someone close puts it into perspective.

Best wishes for your journey and condolences on your loss xx

sorry to hear about you mum.
and good luck when you do look into getting yourself a iva.

My condolences too.

Am so sorry to hear of your loss Susan, and clearly you must concentrate your mind on dealing with the grief this has caused before confirming a long-term debt repayment.

I suggest that you wait a couple of weeks before doing anything, and then contacting an insolvency practitioner when you have a fresh mind, who can give you advice on all of the options available to you. Nothing will spoil in the meantime, and it ought to be relatively quick to set up a new bank account with a non-creditor bank.

In the meantime we will all be thinking of you in our prayers

hi all than you for your condolences. I really need to do something as I have today received a debt collector letter. My husband has just admitted that he hasn't researched what bank we can go to and I think with everything else I am coming to the end of my tether
So please help - we have loans and credit cards with TSB, cards with Marks and Spencer and Tesco. I have a debenhams store card and various catalogues so can someone please advise which bank I can go to.
Also I have read on here that we should talk to 3 IVA providers. How on earth do you find who is the best one for you? What am I looking for? Of the debtors I have talked to they have all recommended Step Change Charity. So who do I go to and how do I make the decision. I now really need to get this done quickly so thanking you all in advance for your help.
Susan