Paying by Direct Debits with an IVA

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bykerboy78

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Post by bykerboy78 » Mon Sep 27, 2010 7:53 pm
Hi everyone,

This is my first post. Ive coming up for my first IVA review in January and im starting to get worried. Two things i'm worried about are;

Ive been paying for my car insurance etc by Monthly Direct Debit, will this affect my IVA?


Ive recently noticed my bank account statement says i have a £10 overdraft. I originally told thebank to remove all overdraft which they said they did. Am i going to have problems now?

I havent missed any payments to my IVA but im really worried they at my reveiw the creditors will cancel my IVA because of these. Does anyone know if im going to have problems or not???

Darren
 
 

Adam Davies

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Post by Adam Davies » Mon Sep 27, 2010 8:00 pm
Hi
You have nothing to worry about.
There is no problem with paying for insurances etc via direct debit.
Again as long as you have not used the overdraft you will have no problems
Regards
Andam Davies
 
 

nepensioner

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Post by nepensioner » Mon Sep 27, 2010 8:04 pm
Hi Byker Boy
Welcome to the forum

Am sure paying bills by direct debit is not a problem.
Would suggest you speak to your bank and ask them to remove your overdraft asap, and just make sure that until then that you do not use it.
Am sure one of the more experienced posters will be long shortly to confirm this
F & F Accepted 19th Oct 2010
 
 

Broke of London

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Post by Broke of London » Mon Sep 27, 2010 8:07 pm
Hi Bykerboy, you should be fine paying your car insurance monthly. It is a legitimate cost and who has the cash to pay in a lump sum annually!

I wouldn't lose any sleep over the £10 overdraft either. A couple of Banks are adding "buffers" to their current accounts as standard. It will probably cause more trouble than it's worth to get it removed.

Your IVA will not be cancelled.

Reviews are nerve-wracking but I don't think you have anything to worry about. Let us know how you get on.
 
 

kallis3

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Post by kallis3 » Mon Sep 27, 2010 8:12 pm
I pay everything by Direct Debit with no problems at all.
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
 
 

leaKybrain

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Post by leaKybrain » Tue Sep 28, 2010 12:27 am
We pay all ours by DD too, and will continue to do so. Its far easier than having to send cheqs to everyone. Only think not on a dd is the fuel and housekeeping LOL
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 8:41 am
Hope the review goes ok bykerboy - I don't think you have anything to worry about.
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
 
 

flow13

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Post by flow13 » Tue Sep 28, 2010 9:27 am
We pay most things by direct debit. :-)
Its now time to start living and to make some some wonderful memories!
Read my blog at http://flow13.blogs.iva.co.uk/ 'Aiming for the finish line'
 
 

Shining

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Post by Shining » Tue Sep 28, 2010 9:32 am
Direct debits and standing orders here a plenty, nothing to worry about at all as others have reassured you. Hope your review goes smoothly for you, I'm always nervous at mine and am due one just after Chrismtas but so far so good. All the best x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

bykerboy78

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Post by bykerboy78 » Tue Sep 28, 2010 10:52 am
Thanks for all your replies everyone! Its put my mind at ease a little. I was just a bit worried because when i began my car insurance i recieved a letter similar to when i used to get loans detailing interest and rights to cancel etc. My review isn't till jan. What sort of things will i need to supply for my review?? Also i got a mountain bike on a cycle to work scheme which comes out of my pay before tax. I got it to try and reduce my travelling costs to work and also before my IVA started and totally forgot to mention it. will this be ok? Thanks again for all your help!
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 11:00 am
For your review you will need to provide a new I&E and payslips, possibly bank statements depending upon who your IP is.

I think you will be ok with the bike as the cost can be offset against the savings on travel. Just make sure you tell your IP about it.
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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