Following my cancelled IVA

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jack135

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Post by jack135 » Thu Jul 25, 2019 5:59 pm
Hi, I’ve signed an Iva proposal but then cancelled the Iva before the meeting, Hannover who deals with the Iva said they will tell my creditors that I’ve backed out and they’ve sent me a letter via email to prove it’s been cancelled. What happens now with my creditors do I continue to pay the monthly fees to them because I don’t want to get myself into Iva or anything like that. Thankyou

Foggy

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Post by Foggy » Thu Jul 25, 2019 6:16 pm
It will depend on each creditor, but, I imagine, with a bit of negotiation they will agree to ongoing payments.

Why did you decide not to go ahead?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

jack135

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Post by jack135 » Thu Jul 25, 2019 7:52 pm
Because I had 4 loans and a credit card with £1500 to pay and I couldn’t keep up, I was fine paying my loans each month just struggled with credit card but I’ve now paid off my credit card is to why I cancelled the Iva before the meeting as I’m ok paying my loans each month, my debt is only about £5000 My bank has frozen but the insolvency team who deal with Lloyd’s say I can open a basic bank account and also withdraw funds when I show them the email to prove the Iva is cancelled, just want to know I can pay each creditor monthly as I don’t want them to make me bankrupt. Getting really worried

Foggy

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Post by Foggy » Thu Jul 25, 2019 8:04 pm
I agree that at IVA for a £5k debt is a bit over the top. The creditors are unlikely to make you bankrupt for that level of debt. I am sure they will work out a repayment plan with you --- that way they will get more back than by BR or the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

jack135

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Post by jack135 » Thu Jul 25, 2019 8:11 pm
Ok Thankyou, I do have a current account with Lloyd’s and they said it’s being closed on the day of the creditors meeting due to an Iva indicated on my account but I’ve backed out but apparently the account can no longer be in use, I was told they may be able to open me a basic bank account and still wjthdraw the funds that are in the account that the minute, is this true? Plus what do I do about direct debits as my account is frozen and being closed? And also as I’ve canceled the Iva before the meeting they are still having a meeting to say I’ve withdrawn from the application what will my creditors do then? Sorry for all the questions just want to be safer than sorry and I get worked up easily.

jack135

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Post by jack135 » Thu Jul 25, 2019 8:43 pm
Also can I ask as my debit card has froze I’ve got a credit card with aqua will that be frozen aswell it’s not been frozen as yet and the meeting is on the 31st, but the Iva is cancelled

Foggy

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Post by Foggy » Thu Jul 25, 2019 9:08 pm
I cannot tell you how the creditors will react, but Lloyds freezingf your account is not the norm although we are seeing more of it lately. However they are releasing funds within a few days when challenged, even when IVA's are accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

jack135

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Post by jack135 » Fri Jul 26, 2019 7:04 am
Also I have a loan with my bank and they have froze and are the account due to the iva indicated on the account, Hannover rang the insolvency team and said I’d be able to withdraw and open a basic account with my bank would they be able to do that as I’ve already had my current account closed with them?

jack135

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Post by jack135 » Fri Jul 26, 2019 7:04 am
And are closing the account*

jack135

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Post by jack135 » Fri Jul 26, 2019 7:05 am
It’s not closed yet but apparently it’s due to close on the 31st the day of the creditors meeting when they will tell them I’ve withdrawn my application before it’s even started

Foggy

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Post by Foggy » Fri Jul 26, 2019 8:03 am
If you have a loan with your bank Hanover should have advised you to move banks before the IVA process was started. You need to speak to Lloyds yourself, rather than letting Hanover deal with it, as you obviously doubt what Hanover are telling you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

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Post by kallis3 » Fri Jul 26, 2019 9:07 am
Check out Co-op for a basic account. They are very good.
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

jack135

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Post by jack135 » Fri Jul 26, 2019 9:21 am
Ok thanks, I’m just worried as I owe my bank a loan back I took out which I pay monthly for, I’ve got money in my account which my account is froze as I’ve got no access to, going in branch tomorrow for a meeting as I was told by my Iva company who spoke to insolvency who deal with Lloyd’s that I’d be able to withdraw funds and open basic account. I was gonna open a basic account like Barclays but If I do I feel like Lloyd’s will want the full payment I’d prefer to pay it in instalments, like I’ve said I’ve withdrawed from the application before the creditors meeting and got a email letter to confirm it’s cancelled but they are still having the meeting to confirm I’ve withdrawn feel like I’m in a right mess I go on holiday next week and I don’t want to go with no money, I’ve got my credit card which is with aqua and they have been informed about the Iva but haven’t froze my card yet I’m just worried if they freeze it after the meeting even know they will know I’ve withdrawn.

jack135

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Post by jack135 » Fri Jul 26, 2019 4:37 pm
Just one quick thing I do have a meeting with Lloyd’s tomorrow, obviously as my account has froze and the Iva meeting is due on the 31\07/18 even though it’s withdrawn is it wise to open another account with someone else before the meeting ?

Foggy

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Post by Foggy » Fri Jul 26, 2019 4:39 pm
I would open a basic account somewhere else -- just in case --- while your credit file looks OK.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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