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kitty14

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Post by kitty14 » Mon Jan 04, 2021 9:20 pm
Mon Jan 04, 2021 5:06 pmnicola715 wrote:
First of all congratulations. The first step is the hardest. We are a year and a half in and honestly wish we had done it sooner. Bank account wise we have a basic with nationwode and had absolutely no issues. Our iva is admistrated with a small scottish firm called french Duncan, was arranged by keith white who i found on here. We in NI so i duno of slightly different. Our IP Jamie has been absolutely amazing and honestly cant thank him enough. Its only up from here xx

Thank you, I hope I ended up feeling the same way tomorrow at 10:10am wish me luck. If all goes well then yes I do wish I had done this sooner too!

kitty14

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Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Tue Jan 05, 2021 10:17 am
Update: IVA has been approved with following modifications:

Early Settlement
In the event the arrangement should come to an early conclusion no additional fee may be charged in respect to the early settlement
Recalculation of Dividends
The dividend must be recalculated to include any increases from the modifications or changes to the value of unsecured creditors and the new dividend must be included in the Chairman’s Report

Fees
The total cost of the Arrangement will be £3,650 including all fees and disbursements, subject to any limits in relation to minimum levels of distribution. Where the Arrangement is joint or interlocking with another, then the combined cost of both cases shall not exceed £3,650.
In the event of any extension to the IVA, the Supervisor will be entitled to an additional £400 per annum. Pro-rata should be applied where the extension is less than 12 months.
Where additional assets are to be realised, the Supervisor will be entitled to 15% of those further realisations in addition to the total cost. Additional assets can include overtime, bonus, commission, PPI, windfalls, after acquired assets, but excludes any increases in regular income.
No additional fees may be claimed including, but not limited to: adjournments, extensions in lieu of arrears, early completion or termination of the case.

Distribution of Fees:
During months 1, 2 and 3 of the Arrangement the supervisor may draw a fee equivalent to the monthly contribution received from the debtor, which will form part of the total cost allowed. From month 4 of the Arrangement onwards, the supervisor will claim and draw a maximum of 70% of each monthly contribution which will form part of the total cost allowed. A minimum of 30% of the monthly contribution must be distributed to creditors each month from month 4 onwards.

Distributions to Creditors:
Distributions will commence by Month 4 of the Arrangement and will continue to be paid monthly thereafter. Where the Supervisor requires evidence of a claim, he/she shall be authorised to pay dividends on the Statement of Affairs balance.

Variation Fee.
The fee for calling a variation meeting will be agreed at the point of variation.

Nominee Fee
The Nominee Fee will be the equivalent of the first 5 monthly payments or £1000.00 whichever is the greatest and drawn as soon as funds permit. The first dividend shall be paid to creditors within 3 months after the Nominee Fee has been settled and subsequently paid quarterly as a minimum thereafter.

Disbursements
No category 2 disbursements are to be charged by the Nominee or Supervisor.
Other Fees
With the exception of the Fees specifically mentioned in Creditor modifications, namely Nominee Fee, Supervisory Fee and Category One Disbursements, no other fees are to be taken from this Voluntary Arrangement. This includes, but is not limited to, Adjournment fees, Closure fees and Failure Fees. The only exception to this is Variation fees which will be agreed at individual Variation meetings

Supervisor Fee
The Supervisor Fee will be equivalent to 15% of all further realisations and drawn proportionally as funds are received.

Variation Fees
Variation fees shall not be considered or agreed as part of the arrangement until a variation meeting is called by the IP. Consideration of the fee required to vary the IVA will be made at the creditor meeting based upon the debtor circumstances and work undertaken or required by the IP.

Nominee Fee
The Nominee Fee will be the equivalent of the first 4 monthly payments or £1000.00 whichever is the greatest and drawn as soon as funds permit. The first dividend shall be paid to creditors within 3 months after the Nominee Fee has been settled and subsequently paid quarterly as a minimum thereafter.

kallis3

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Post by kallis3 » Tue Jan 05, 2021 10:40 am
Great News!
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 » Tue Jan 05, 2021 10:41 am
Welcome to your journey.
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

kitty14

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Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Tue Jan 05, 2021 2:33 pm
Thank you everyone so so much I feel a huge relief already.

So on the whole bank account situation NatWest opened me a select account and wouldn’t offer me the foundation account as I do not have debts with them or anything. Overdraft is turned off set at £0 so is this okay?

Foggy

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Post by Foggy » Tue Jan 05, 2021 2:36 pm
If NatWest are happy for you to have full account, so be it. Mine with them was the standard account and I had no issues.
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

kitty14

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Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Tue Jan 05, 2021 2:39 pm
Tue Jan 05, 2021 2:36 pmFoggy wrote:
If NatWest are happy for you to have full account, so be it. Mine with them was the standard account and I had no issues.
Excellent!
I can finally set up all my direct debits and wage again :D
Today has been a very good day indeed

kallis3

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Post by kallis3 » Tue Jan 05, 2021 3:09 pm
Glad you got sorted with NatWest.
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

kitty14

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Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Thu Jan 07, 2021 12:22 am
After having messed around getting that new NatWest account etc I’m really starting to doubt I’ve made the right choice. I find their customer service 50/50 if you’re lucky you get someone very helpful and if not well you just go in circles.
I haven’t yet closed my Barclays basic account but I am leaning towards using them as my only account now.
So the situation with that is Barclays partner finance I owe £1047 to which was as I said a purchase loan for my phone.
Again I was told this wouldn’t be an issue etc etc and I am fine to have the basic account with them it wouldn’t get closed the usual spill.
Stepchange also did say Barclays basic is fine too but I’m just so wary after everything that happened with HSBC.
In all honestly do you all think staying with Barclays for the duration of my IVA will be fine? :|

Foggy

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Post by Foggy » Thu Jan 07, 2021 8:10 am
I think the 50/50 customer service issue is spread amongst all organisations at the moment -- they are all under pressure from sick, isolating and otherwise unable to work staff, along with the uncertainties shared by all of us.
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 » Thu Jan 07, 2021 9:23 am
I used Barclays throughout my IVA, even though Barclaycard were a creditor.

Have you considered Co-op Cashminder? Can be done over the phone or in branch, not online.
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

kitty14

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Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Thu Jan 07, 2021 10:24 am
Telephone banking issue aside, my biggest problem with NatWest is payments coming in (my sister who owed me for something I’m buying on behalf of her) sent me a direct payment last night of £5.99 all that shows is the reference she used to pay me of “money” no other details such as who paid me or account details where it came from. I just think that’s too vague and shoddy from a bank? And if I’m to commit to that for a duration of the IVA that will be very troublesome having to remember what every single payment made going in was.
I hope that makes sense and is a genuine reason as to why I feel I can’t bank with them.
As regards to co op. I to be honest just want one bank account that deals with all. It’s all I’ve ever known, I would feel running two accounts too difficult.

kitty14

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Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Thu Jan 07, 2021 11:48 am
Thu Jan 07, 2021 9:23 amkallis3 wrote:
I used Barclays throughout my IVA, even though Barclaycard were a creditor.

Have you considered Co-op Cashminder? Can be done over the phone or in branch, not online.
The only thing now with Barclays is I will have no access to online and mobile banking I've been told. This is a bit annoying...

kallis3

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Post by kallis3 » Thu Jan 07, 2021 11:54 am
I had online banking but mobile wasn't around when I did mine.
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

kitty14

Posts: 32
Joined: Mon Nov 09, 2020 2:25 pm

Post by kitty14 » Thu Jan 07, 2021 11:55 am
Thu Jan 07, 2021 11:54 amkallis3 wrote:
I had online banking but mobile wasn't around when I did mine.
He confirmed that both would be revoked and that my letter will come in the next week or so :(
Nothing is straight forward at the minute
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