what happens now?

[olympic_torch]

what will happen to our bank account now our iva has had the green light.
will lloyds tsb write to us to ssay "never darken our door again", at the moment our internet banking is still working.

[MelanieGiles]

If you have debts with Lloyds, they may just be waiting until your next pay cheques are lodged to snaffle the money. I am sure that your IP will already have advised you to have set up new banking facilities, so I would just let the Lloyds accounts get closed in due course.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
All that I can say is from my own experience and that is that my account[Lloyds]continued to operate post IVA [Lloyds were a creditor].The only thing that changed was that the overdraft that I had was pulled.
You could carry on using it[they are not allowed to use any funds to offset your debt ONCE you are actually in an IVA]until,and if, they give you notice to close it.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[olympic_torch]

andy.
one small flaw in that plan.
the only funds in the account belong to lloyds tsb.
ie. a stonking great overdraft.
i will expect a letter soon then.
i just wondered when the news will start hitting our creditors, having said that we haven't had any phone calls since the meeting.
(a little part of me hopes ge money ring, i know i shouldn't but...)

[sps]

Hi
We had our IVA approved onth 24th of April and Lloyds TSB were one of our creditors with credit cards and an overdraft on our current account. As advised we set up a new bank account a couple of months ago.Up until a few days ago I could still access the Lloyds account on internet banking but they must have now closed it as the only account showing for me now is an old savings account with the grand total of 84p
Sue

[olympic_torch]

thanks sps.
we have a new account with the co-op.
we just wondered when the shutters would come down at lloyds-tsb.

[sps]

Funny you should say that about GE Money as along with John Lewis they were the worst of our creditors for phone calls. Mind you I think we got off quite lightly as we had nowhere near the harrasment some of the members on here have endured. I think GE passed our debt on to VIKING who were actually quite polite when they called.
Sue

[gimmewine]

Lol, I've been getting phone calls from GE Money recently and I am not even in arrears. I have a mortgage with GE money with the tie in period finishing in November. Had a call two weeks ago, very nice gentleman stating they were doing a review. Answered his questions, any problems no, did I want any other products no, would I consider further advance on mortgage,well no, I am tied in till November. Oh right we will ring back then.

Since then I've had another 3, each stating the other caller must have been from a company they only use for a survey but this is the real review. Doh. I'm sure they pay these people per call lol

[sps]

Hi
That's rang a bell with me now. A few months back I had a call from GE Money something about a survey to do with mortgages One of the questions was something like would I consider myself struggling financially to make ends meet each month. It was hard to not laugh out loud on the phone! I then became paranoid that it was not a real survey and GE Money were just trying to find out about me as by then I had missed a few payments to them.
Sue

[Sadsack]

Just reading what Andy just sent -

Andy could you please clarify what you mean ---- they are not allowed to use any funds to offset your debt ONCE you are actually in an IVA -----

My IVA was approved on 28 Sept '06 - I had notified my company that I had a new bank account, gave them the details well in advance, and the bank account they were paying my salary into was closed -(Barclays notified me in writing). My overdraft with Barclays was included in the IVA, and the company went on to pay my salary into the "closed" account. I telephoned them and informed them of their error, and they immediately made a CHAPS payment to my new account. I then got a letter from Barclays telling me they had received a payment from my company, my account was now clear and should I wish to continue to use it I may do so, albeit with no credit facilities. Barclays are still making a claim on my IVA even though I do not owe them any money, my company are now deducting money from my salary to pay them back for the double salary payment.
After that long winded explanation, could you tell me if they are able to do this? I have spoken to my IP regarding this, but it seems to have fallen on deaf ears.

Sue

[Adam Davies]

Hi
It,s a simple answer.
If the money went to Barclays after the IVA was agreed,and it sounds like it did,and the amount of the overdaraft was included in your IVA then Barclays must return this money to you.
You need to write to them and give them fourteen days to repay it.If they do not then simply contact the banking ombudsman and lodge a complaint[no charge]I guarantee that they will repay the money at once.
I had a similar experience.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Sadsack]

Thanks Andy - getting £2,888 back would certainly help!!! If I do get it back, will I have to pay this over to the IVA? I still owe the company about £1,000 which will have to be paid to them out of this.

Sue

[Adam Davies]

Hi
Was all the £2888 eaten up by the overdraft with Barclays or have you spent some of the surplus ?
I do not feel that you will have to pay this into your IVA as this is your wages and you have had to repay that amount to your company as they have effectively paid you twice.
I would write to Barclays and then the Ombusman,then when you receive the money speak with your IP,let them know that you are repaying your employer out of the funds.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Sadsack]

Hi Andy

I have not used the account and only £1800 of it was the overdraft. I am rather tempted to withdraw the balance of this money and pay it to the company but would also like to keep this account as it has debit card facilities. I fear if I took Barclays on, they would then definately close this account. However, I would also like to be in a position to write to them and ask them to repay me all the bank charges over the last 6 years, let them close the account and try and open a similar one with another banking institution.

Any advice would be welcome!!!

Sue

[Adam Davies]

Well you are entitled to the £1800,and I would withdraw the balance and repay it to your employer
A bank account with a debit card is not worth paying £1800 for !!
You can get an account with the same facility else where.
Any bank charges that you get back will have to go into your IVA as a windfall.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp