Continue paying loans?

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stacey143

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Post by stacey143 » Sat Sep 19, 2020 10:48 am
Im in the process of setting up an iva with hanover insolvency hope there ok.
We've gone through my income and expenditure etc and getting someone to draw up a proposal. I know it can take a few weeks to set up. I have 2 loans going out on the 25th and 1 on the 28th. Do i cancel the direct debits or continue paying until its all set up?
Sorry all new to this. Scared and anxious

kallis3

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Post by kallis3 » Sat Sep 19, 2020 11:02 am
It's right to be scared - we've all been there.

You don't have to make any payments to your creditors or you can offer token payments. Be aware you will get phone calls and letters until a creditor meeting is held. If you have online accounts, go in and remove contact details. Have you changed your bank account yet?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sat Sep 19, 2020 11:03 am
You can save up your loan payments as an emergency fund - you will need it at some point in the future.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

stacey143

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Post by stacey143 » Sat Sep 19, 2020 11:17 am
Thank you both for your replies.

Yes i have access to online banking thats not a problem.
If they do ring what do i say?
I suffer from aniexty and depression so i don't like phone calls.

I have been told i dont need to change banks due to no debts with them.

Also what if iva is declined and i have cancelled direct debits.

Thank you your very kind

kallis3

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Post by kallis3 » Sat Sep 19, 2020 11:42 am
If they phone just refuse to answer the security questions, they cannot continue. Any letters just forward them to your IP company.

Which bank are you currently with? HSBC and First Direct are known for closing accounts even if you have no debt with them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

stacey143

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Post by stacey143 » Sat Sep 19, 2020 11:45 am
Im with santander.

Foggy

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Post by Foggy » Sat Sep 19, 2020 12:01 pm
If creditors contact you just tell them you are looking at an IVA and they can contact Hanover direct, if they wish. Don't discuss anything with them ... they cannot assist and, in many cases, do not even know what an IVA is --- their sole purpose is to get a payment out of you. That said, most are very reasonable.
If the IVA is declined there are other solutions to look at -- but, in any event, you will have the missed payments sitting in your account to be able to catch up if needs be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sat Sep 19, 2020 12:08 pm
You should be ok with Santander.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

stacey143

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Post by stacey143 » Sat Sep 19, 2020 12:11 pm
Thank you kallis3 for all your help
Im sure ill be posting more.

Thank you Foggy for your advice.
I will cancel direct debits now.

kallis3

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Post by kallis3 » Sat Sep 19, 2020 12:22 pm
Anytime - someone will know the answer!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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