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What do banks do once they get an iva request
Posted: Thu Jun 25, 2020 11:02 pm
by Lahoretiger
Do banks check what you have done with there loan money once they get your iva proposal ? when is it a legal binding document?
Re: What do banks do once they get an iva request
Posted: Fri Jun 26, 2020 3:19 am
by luluj
no..I very much doubt they do. Some banks have rules regarding ongoing account activity and in the past banks like HSBC and First Direct have closed accounts to those in IVA'S.
If it were me I would have a basic bank account set up as a precaution with someone like the co-operative to fall back on should you get challenged in any way
Re: What do banks do once they get an iva request
Posted: Fri Jun 26, 2020 6:37 am
by Lahoretiger
Sorry i meant like natwest was the bank that gave me a loan last year jan 2019 for 20k.
This year june 2020 i am applying for iva will they check how the loan was spent once they recieve my iva proposal
Re: What do banks do once they get an iva request
Posted: Fri Jun 26, 2020 7:09 am
by Foggy
What the banks do is very much up to each bank. However, with the current pandemic taking up much of their resources, I expect trawling bank accounts to see what you are spending on is unlikely to be a priority.
The IVA becomes legally binding if and when it is accepted by creditors at the initial creditors meeting.
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 2:44 pm
by Lahoretiger
How are natwest and barclaycard with iva requests ?
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 3:43 pm
by kallis3
Nobody can say - you just have to sit and wait.
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 4:09 pm
by Foggy
They do not, as far as I know, have a set policy --- it will depend on the full picture, the figures and, dare I say, how they feel on the day !
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:04 pm
by Lahoretiger
They do not do iva natwest and barclaycard?
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:16 pm
by Foggy
Many with debts to both Natwest and to Barclaycard have successfully got IVAs accepted.
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:23 pm
by Lahoretiger
"They do not, as far as I know, have a set policy --- it will depend on the full picture, the figures and, dare I say, how they feel on the day !
I dont understand the above plz
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:29 pm
by kallis3
It all depends on what happens on the day. Each IVA is individual and we cannot say how they will vote.
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:43 pm
by Lahoretiger
Really confused how this works
If they dont accept iva then bankcruptcy they will get 0
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:48 pm
by Foggy
No one has said they do not accept IVA --- no one will know until the meeting.
IF the IVA is rejected then you have to find other ways to pay the debt .... maybe with a Debt Relief Order, or a Debt Management Plan, before worrying about bankruptcy.
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:50 pm
by Lahoretiger
On probaility what chances do ivas have of approval
Re: What do banks do once they get an iva request
Posted: Tue Jul 07, 2020 5:54 pm
by kallis3
Nobody knows.