First payment before IVA approved?

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Kayee

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Post by Kayee » Fri Mar 06, 2020 7:16 am
I have 14500 debt I’m so worried my Iva won’t be approved it’s on 94.00 per month. The waiting is just killing me. Isit normal for the company to have already taken the first payment from me as my meeting is on 9th March. Majority amount is hsbc but the small amount creditors are calling non stop. Barclays has already suspended my online banking and sent me an iVA letter. I’m with vanguard is it normal to take the money before anything has been approved?

kallis3

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Post by kallis3 » Fri Mar 06, 2020 7:36 am
Some companies do but you normally have 28 days from when your IVA is approved to make that payment. I'm sure you will be ok.
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

Foggy

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Post by Foggy » Fri Mar 06, 2020 7:45 am
Some do, just to have that first payment 'in hand', to get the ball rooling as soon as the meeting is finished. It is, by no means, a requirement and most pay the first payment after the meeting ... within 28 days is the norm.
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

Kayee

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Post by Kayee » Fri Mar 06, 2020 7:57 am
Ok thankyou just worried have never been in so much stress it’s that horrid feeling. They’ve asked me to keep my phone with me just incase they need me to answer any questions.

Colin351973

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Post by Colin351973 » Fri Mar 06, 2020 10:24 am
Iv just started with vanguard my debts were also with hsbc and barclaycard .My creditors meeting was last friday and was approved .They did not take any upfront payment but advised they usually expect first payment within 7 days of iva approval iv just made my first payment too them today .They have been very goid with me so far .

kallis3

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Post by kallis3 » Fri Mar 06, 2020 10:30 am
It's just in case there are any modifications to be discussed - nothing to worry about at all.

As myself and Foggy have said, you have up to 28 days to make the payment. Make sure it fits in with your payday.
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

Kayee

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Joined: Fri Mar 06, 2020 3:16 am

Post by Kayee » Fri Mar 06, 2020 11:25 am
Thankyou feel a lot better reading the messages never been in this situation so just struggling to come to terms with everything.
I’m happy to hear vanguard is good was so scared. Fingers crossed it’s approved it’s on Monday so will stress until then. And congrats for having yours approved. :D

kallis3

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Post by kallis3 » Fri Mar 06, 2020 11:31 am
Let us know how you get on.
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

Kayee

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Post by Kayee » Fri Mar 06, 2020 11:35 am
I will do Thankyou. It’s that horrible feeling having to waIt.

Colin351973

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Post by Colin351973 » Fri Mar 06, 2020 12:20 pm
I know the feeling my creditors meeting was at 10am got a call off vanguard about 1.30pm anxious wait im sure you will get approved they will work towards getting you an approval .

Kayee

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Post by Kayee » Fri Mar 06, 2020 12:28 pm
Thankyou it’s reassuring to know that I’m not the only one that feels that way I will defo let you know the outcome

Kayee

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Post by Kayee » Mon Mar 09, 2020 10:53 am
Hi
Just waiting now and getting really nervous I know the appointment was at 10.15 but my nerves are kicking in I feel sick to my stomach.

Just waiting for a call and keep thinking it will be no. Just want them to call so I can get on with the day. :(

Foggy

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Post by Foggy » Mon Mar 09, 2020 11:50 am
If they don't call by lunchtime -- give them a nudge !
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

Kayee

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Post by Kayee » Mon Mar 09, 2020 11:51 am
I will.
Just feel sick can’t even think straight. That feeling is horrible

kallis3

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Post by kallis3 » Mon Mar 09, 2020 12:01 pm
I remember it well.
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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