Obviously without knowing anything about your circumstances, it is difficult to comment on the suitability of IVA. However if you have been properly advised and the IVA is right for you, then it is absolutely the best way to deal with your debt.
I am sure you have been made aware by DFD that from the moment you agreed to go ahead with the process, it will take c6-8 weeks to get the IVA agreed by your creditors. During this time, they will continue to send you collection letters and payment demands. They might also telephone you asking where their money is. However, you can be assure than once the IVA is in place, the chasing from your creditors will stop for good and your world will totally change for the better.
You must note that although an excellent solution, the IVA is not a magic wand. It is a very serious procedure and you should make sure that you fully understand the implications of it. For example if you enter into an IVA but then are subsequently unable to pay, you run the risk of being forced into bankruptcy. The rule is, never agree to any IVA terms which you do not believe you will be able to sustain.
In order to property understand your IVA agreement and its implications, I recommend that you ensure that you meet with your insolvency practitioner face to face. You will then have the opportunity to ask any outstanding questions and satisfy yourself that it is the right thing for you. You should ensure your current IP will make arrangements for you to do this. If they will not, then think very carefully about what you are doing and make sure you understand everything fully.
The advice you have been given about your bank account is absolutely correct. Open your new account and start using it as soon as possible. This wil protect your money from your old bank which as a creditor could take it from you without warning.
I hope this helps
If you would like further information about IVAs or other debt solutions, please feel free to contact us.