www.iva.co.uk

Having cancelled my DDs for cretitors, it has occured to me that the ones for the general things like Gas, electricity, mortgage etc are still required until I get the new bank account set up (I have applied just waiting). The majority of these are payable between the 5th and the 15th of the month. As my overdraft with my current bank makes them one of my creditors can they cancel the overdrfat and thus stop these DDs being paid in favour of themselves at the moment? NO IVA has been agreed yet. Clearly once all paid I will be back in the OD situation again. Sorry to keep bombarding the forum with these questions but it seems like for every one I get answered two more occur to me!

No need to apologise for posting questions, your questions help others Rod and we're only too pleased to answer if we can.

If you haven't cancelled your bank account and the bank account is still running I would guess they'll be paid as per usual assuming you're within your OD limit. A bank does have a right to recall an Overdraft at any time but if they don't know about the IVA then I doubt they would.

Once your new account is up and running you'll run this in credit each month and it's a great feeling.

I've been paid today and for today it will be there but after today it all goes out on direct debits but then I know what is left is ours until the end of next month and another month ticked off the IVA. x

Thanks for that Lesley, how soon would they become aware of the impending IVA if they are one of my creditors?

Hi Rod - I believe they won't know until your proposal is returned to your IP and they arrange the creditors meeting. Strangely enough the only people who haven't written to me yet is HSBC who hold out current account and there's been no money paid in there for over a month.

Hi Rod
In my case my IP wrote to my creditors telling them that I would be proposing an IVA fairly early in the proceedings, fortunately I had new bank account and DD's sorted before they received letter. You could maybe cancel their DD's and pay over phone with debit card this month?

Sorry Rod I went to work and didn't purposely ignore you. They won't know until the IP informs them or they receive the proposal, unless you inform them yourself?

I assume it won't be long now until you can transfer over those dd's. x

No worries Lesley; hope the new account stuff arrives soon. I'm certainly not saying anything! Hope your day at work was ok. Take care

Work was fine as it's the last day for a fortnight Rod, half term this week and then an extra week off. x