I've just entered an IVA. Should I cancel my direct debit to my loan ?

[KCdude]

Hi

I've just entered an IVA.. Should I cancel my direct debit to my loan before they take it in a couple of days??
My new bank is still getting everything in order.

[dw1983]

Hi if your Iva has been accepted and this loan is included then yes I would

[luluj]

I would too, although if due in couple of days possible it may have already been claimed. Worth cancelling though.

[Shining]

Hi and welcome, all debts included in your IVA are now dealt with by your IP so therefore, all DD's or SO's relating to these should be cancelled.

[watzki]

I would cancel now,we did and saved the money that we would have payed for a contingency fund

[abbiesmum2003]

We stopped paying all loans and CC when first decided to go for an iva. Changed bank account few months before hand, only transferred DD for essential bills which would continue and stopped paying all debts. Money we saved went into a emergency fund while we got to grips with a budget.

[kallis3]

If you are already in an IVA then you should stop any DD's to creditors.

[KCdude]

Thank you everyone I feel so much better.
It's a worry, the unknown.
I was told my current account could be frozen which scared me more then you can imagine, I just kept thinking of my children.

[Shining]

IVA's can be scary at times until we settle down in them, you've found us now so you can always pop here for reassurance and advice. We have expert posters too who can offer their knowledge.

[kallis3]

Which bank do you have your current account with? HSBC and First Direct are well known for closing down accounts even if they are not creditors.

Other than that you should be ok.

[KCdude]

With Barclays.. I'm in motion to switching to nationwide. Getting hammered with phone calls as we speak :-/
I hope, I'm sure everything will be fine

[kallis3]

Nationwide are fine - we kept our account open with them.

[dw1983]

I managed to open a nationwide flex plus account whilst in an Iva you will be fine

[Shining]

Good luck all will be fine. The calls should die down soon as they cannot keep hassling you, do tell them you're in an IVA and hopefully things will quieten up.