www.iva.co.uk

Hi Everyone,
I am just in the process of being set up on a IVA and I am worried that I am going to be turned down because my ex partners wages go in to my bank account so it looks like I have more money coming in then I actually do. All the debts are in my name only. I am worried that if I don't make any payments while the IVA is being sorted out and then it is turned down I am going to be worse off has they are all up to date at the moment.

Hi, haven't got an answer but I'm in the exact same position. Payments due the end of the month and worried about what happens if I don't. Sorry not much help but just thought would let you know your not the only one

I personally didn't make any payment from October when I first sought the IVA until February acceptance. I can understand your concern though. Is there any way you can split the bank account so only your money goes in there as your partner won't be part of the IVA just to make things more clear at review time etc.,

Hi and welcome,

I never made any payments either - this money is useful to build up an emergency account in the meantime.

As Lesley says - can you split the account so that your ex partners money doesn't get paid in?

Don't know if you have picked a company or not but speak to one or two companies beforehand. Andy Davie/Vincent Bond come recommended and post on here. Details can be found via the expert link on the lefthand side of the page and the initial advice is free.

He's managed to get himself a savings account so he is going to be having his wages paid in to that. I have explained this to the company I am using and they said it isn't a problem, I just can't help worrying because the bank statements they want have his wage in also. I just don't want to not make any payments, then get turned down.

Don't panic .. you have an explanation for it and you have now resolved it so things will be ok.
Like Lesley we didn't pay our creditors whilst our iva was set up and agreed .. we built up a small contingency fund which was then used during the iva for emergencies, which do happen !

Like the other 3 we didnt make any payments for almost 8 months and I remember stopping them all and sending out the letters at the same time (and at that stage we were meeting all our financial obligations).

Be a little careful regrading water and council tax - based on where you are in the yearly cycle you may be asked to cancel that and go into arrears as well.

Don't worry about how the bills or the income was dealt with prior to the IVA - it's during the IVA that has more importance.

Also, if you are not committed to one company at this stage now is the opportunity to make sure they are the right people for you.

Once you have the creditors meeting that is who you have for the next 5-6 years for good or bad.

Just a point - is the account in joint names? If so then I would get his name taken off as he will be associated financially with you and this will impact his credit rating.

Same here. I think the banks do things in the long term and always happy to oblidge a struggling customer (most of the time) from my experience. The Halifax was pretty good during the time I owed them money even before the IVA.

Halifax were dreadful with me - they embarrased me in a large branch by asking for my credit card back infront of all the other customers and also closed my account (I used to have child benefit paid into there) and took £34 to offset against a £20000 debt!!

HSBC were another one - we asked them for help and they refused other than offering us one of their managed loans to pay their loan off and suggested we took out a second mortgage with our original provider, which we did. Big mistake - we are still paying that back!

I was worried whether we would be accepted for our IVA, and our IP told us they wouldn't be putting our proposals through if they were not 100% we would be accepted for it. We were in a debt management plan briefly while the IVA was finalised.

Amanda,

like other have said its not an issue unless between now and IVA approval you were planning on keeping credit file on a good state for some reason. As soon as you miss a payment you probably won't hear much, miss two might get reminders and card maybe gets blocked until payment. You might get a phone call from the bank or credit company asking to speak to you about your account, if you keep failing the security check when they ask you to confirm your date of birth address etc then they can't verify its you to speak to the account about

Seeing as you have found this forum now, is as was said above, a good time I decide if you're progressing with a credible firm. Have a real careful read of your agreement and the protocols the agreement relates to.

let us know which firm you're liaising with and also read the proposal very careful if you're at that stage, you also want a company that doesn't charge statutory interest (like Mcambridge Duffy) and one that is not bound by the 2014 protocols, which could be a real big issue in 4 years if you have a property.

interest is important in the rent you came in to money, Inheritance, Payrise, Windfall etc

If the company you are loading with say the interest and protocols are not relavent to you they are lying.

If you share the company you're thinking of going with long term posters here can offer experienced views an point you to othe observations posters have made about the firm.

Also make sure your partner fully understand the financial implications on them due to your IVA. some companies may say the joint account won't be a problem, then you sign and then at fort review you get stung with a different tune, you want a well regarded firm, they are much and much a same on the surface, its once you dig you find out which ones are only cosmetically good !!

Also make sure to see how each company treats things like bonus payments, the exact calculation used for equity release (ask for example). overtime, if you get it when does it have to be paid.

Most importantly, your budget, you're not just setting a budget for today, but for 4 years plus......

I had no problems with not paying creditors beforehand and just ignored letters and phone calls.

Any joint account will impact on both account holders.

As regards phone calls - just refuse to answer the security questions and they cannot continue on any further with the call.

remember.... every company comes across a good when they're trying to get your money, have a read of my blog for why I changed firm at the 11th hour and also spend a few hours on here reading back a few months worth of stories and postings to pre-identify pitfalls and some tactics used by some of the firms.

firms not appearing in a great light historically over the last few months are easy to spot when you read the summers posts.