Worried

[kallis3]

That's right John - you just don't make the payment. Pass the letters on and try and ignore the phone calls.

If you do anything with the creditors online then go in now and remove any contact phone numbers they have for you.

[johnd]

Good idea, thanks x

[ginger3232]

Yes - thats the bit - that most people find stressful - the calls,letters and then the threats. - most people will deal with this their own way - but dont be tempted to make payments to a few creditors that "shout the loudest"

[Foggy]

When the phone calls come, and they will, I am afraid, don't get drawn into any conversation, just give them the IP's details and leave it at that. They will make all sorts of noises, some even threaten to fail your IVA application. They will be, invariably, talking out of the end that the sun don't shine from !!!

Different people deal with these in different ways. Switch off the phone and get those you want to hear from to use your mobile, use call screening. If you answer, don't respond to the security questions.

I answered mine and just told them I was going into an IVA, some, I admit, I played "cat and mouse" with, some were genuinely helpful (and I was disappointed when the calls from a sexy sounding lady from Mumbai stopped!).

At the end of the day YOU have taken control !

Reason for edit : adding missing P's (again)

[kallis3]

I ignored the calls totally. They will try and bully you into paying - just ignore them, the call centres can do nothing to you.

[johnd]

I have to say, this forum is very reassuring.
Having never done anything like this before it is a scary time but reading all the comments helps.

Thanks again for all your replys & comments. I will get the ball rolling tomorrow - wish me luck x

[kallis3]

We do wish you luck John and keep us informed as to how things are going. We're always here for you.

[KAYKAY]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by johnd

So I shouldn't cancel my direct debits until my application is put forward?

Also (sorry about sounding a thicky) what's an IP lol

Only cancel the direct debits that are paying your debts ie. credit cards, catalogues, unsecured loans (the debts to go into your IVA). Do not cancel your utilities such as phone, electric, gas, water, home and contents insurances etc..

[johnd]

When cancelling some of my direct debits in my Barclays account there is a statement before I have to confirm the cancelation that although I can cancel the companies concerned they have the rite to reinstate them?

Surely that can't be right?

Also. One of the loans i need to keep paying and to be transferred to my co op account when set up is a barclaycard loan which is secured on my mortgage... Will I be able to switch it and if I do, won't it raise suspicion ?

[kallis3]

Unfortunately they can reinstate them - I had this with HSBC but don't worry, it will all be included in the IVA. HSBC used to take the money out, pay it back in and then charge me!!!!

You should be able to switch the Barclays loan if it is secured. This will be paid for outside of the IVA and you should not cancel this DD.

[KAYKAY]

If they re-instate them, they still won't get the money, as you will be transferring any credit balance to your new account and will also be arranging for your wages to go into the new account too. As you will be transferring your mortage direct debit as well it shouldn't raise suspicion when moving your secured loan. At least that is how I see it. Others may be able to offer some better / different advice.

[kallis3]

I transferred our HSBC loan to Barclays and then cancelled it, wages were already being paid into Barclays. Tried to cancel with HSBC and they wouldn't do it and continued to take the monthly payments out.

[Rosepetal]

hi,welcome! well done for facing up to the debt,that takes courage, got the t-shirt as we all have!

some of our DD's were re instated,it worried us sick,you see totals growing when you already feel you're in way over your head.
is hard to grasp at this point but it really won't make any difference to you ( no matter what the sometimes nasty callers tell you).

keep your focus on saving every spare penny for a emergency fund now. i'd open a CO OP saving account now too,it's helpful to transfer monies to the saving ie clothing allowance - stops you wasting it.

we have a secured loan,hubby rang then & got it set up on the new account.

start following you IVA allowances budget now for food etc,good practice[:)]

lot's of support here,as you see you're not alone. there is nothing that can't be sorted,hang in there[;)]

[sammysmith]

Hi,

Ask ANYONE on this forum and they will confirm that I was a complete wretched bag of nerves for 6 weeks until the approval of my IVA today.

I worried myself so much in the early stages of setting the IVA up(and that was only 6 weeks ago), I lost 6 pounds of weight in a week.

I cried myself to sleep most nights. I hadn't missed a payment before. I was CONVINCED that the IVA would be rejected.

That was until I came on here and toughened up BIG TIME.

Go to a bank that isn't linked to any of your creditors (i.e. in the same group like RBS and Natwest). Go with a basic bank account. Co-operative bank have been fantastic and offered me a cash card.

Re-set your existing direct debits to link with the new bank account. Do this yourself and don't ask the bank and do not share your new bank details with ANY creditor.

Get all the paperwork together and promptly send it in.

Someone from the IVA company will call you to go through income and expenditure. It will be affordable for YOU.

My surplus was only £100 per month but was agreed

You will get a proposal to sign and then this goes to your creditors.

They then vote by phone and fax if they accept. Mine all voted "yes" and I had Natwest, Santander, MBNA, Barclaycard.

All through my experience I didn't pay any token payments at all to the creditors and built a contingency fund- on advice from everyone on this forum.

Yes I did get some phone calls and letters (very few and none which really hounded, but that is part and parcel of getting this sorted. Unless the messages mention court action- ignore them. If you do answer them give them the IVA company and your reference number and let your case officer sort it1

What I learned:

- Don't be afraid.
- Don't make your life a Hell of your own making and worry.
-Toughen up- this is all a formality.
- Carpe Diem (sieze the day).
- Ask as many questions as you need to ask.
- Do what you are advised to do. Although it seems scary it has to be done to sort it out.

It is a horrible experience- but if you want this sorted then you will have to do this and you will have to be strong.

Hope that helps xx

[kallis3]

Excellent post Sammy and thank you for that.