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Tracey
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by Tracey » Thu Jan 21, 2010 12:48 pm
Hi Everyone,

This forum is so good when I feel down I read this and it gives me so much comfort to read people who are going through and IVA and those who have completed one. I have received my information from the IVA company but just want to clarify a couple of things.

I have a new account with Natwest and have sorted out my direct debits. I have a insurance policy with Barclays and also my mortgage is through Barclays/Woolwich. If I give them my new bank details can they only take out my money for the insurance and the mortgage? I have a credit card with them and also 2 loans, can they access my new account and take money out for the credit cards and loans?

Also on the letter sent from my IP is say not to make payments to creditors as it may appear as making preference over one another. I am thinking of making token payments to the credit card firms but cannot afford the loans, does this mean I should not pay anything as I would be seen as taking preference?

Thanks for your help.
[:)]

 

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johnnybriggs
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by johnnybriggs » Thu Jan 21, 2010 1:58 pm
I have a copy of a high street bank (not Barclays) terms and conditions in front of me and it suggests they can offset money paid to an insurance policy against a debt. I'm not convinced they would and I've never heard of it happening but it suggests they can.

This doesn't mean they can take extra money from your new account.

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 2:19 pm
They can only take out money from your new account for those debts you have informed them about.

They can't take money out for your credit cards or loans.

If you are unable to make token payments to all of your creditors, then don't make any at all.

 

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Tracey
Posts: 75
by Tracey » Thu Jan 21, 2010 3:28 pm
Hi, Thank you, I am going to sort my mortgage out and will give them my new details. The Barclays insurance is what we pay monthly to cover sickness, unemployment etc so I think I will be ok paying this one. Will they accept token payments on the loans as well?

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 6:23 pm
As long as you offer token payments to all of your creditors that will be ok, but they should be pro rata.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 7:47 pm
I am not sure that your IP ought to be telling you not to pay - that is one option but if you feel more comfortable making token payments to each creditor that is entirely up to you.

On the basis that token payments ought to be in line with the disposable income that you will be offering creditors in an IVA, I am not sure why you are saying that you can afford payments to credit card companies and not loans. You definately should not pick and choose if you are going to make payments.

 

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Tracey
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by Tracey » Thu Jan 21, 2010 7:58 pm
Hi,

Sorry I am getting a bit confused my head is spinning around at the moment. My IP has not told me to stop payments but it does mention in the letter about preference to creditors which I read that you should not choose which ones to pay and which ones not to pay. At the minute struggling to pay everybody so I thought I could offer token payments to everybody but was not sure if you can make token payments to loans. I have left my loans as these are payable to Barclays and that is on my old bank account. Totally confused!

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 8:02 pm
You can definately make token payments to your loan companies Tracey - just make sure that they are in the same proportion as the payments you are making to the credit card debts and in line with your disposable income.

Your chosen IP can help you to work out these figuere if necessary. Do you have a new bank account opened yet?

 

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Tracey
Posts: 75
by Tracey » Thu Jan 21, 2010 8:12 pm
Hi, yes I have opened a new bank account and sorted all my direct debits. Just did not understand regarding token payments. Will ring my IP to discuss what I should be paying. Halifax One want me to pay £30.00 token payment until IVA sorted so will have to work out what to pay other creditors.

Thanks for your help.

 

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Andy1964
Posts: 1591
by Andy1964 » Thu Jan 21, 2010 8:19 pm
Hi Tracey
If its any help, I too had Halifax as creditor(2 cards) and paid token payments of 10.00 on each for the 4 months leading up to IVA approval and they seemed happy with that.
Melanie, do all creditors find out value of each others token payments? If they don't then surely it doesn't matter how much they get as long as there is willing to pay something.

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 8:27 pm
I never made any payments at all, but you should not prefer one creditor over another.

Halifax actually emptied my one account of £34 to offset against a £20,000+ account.

 

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Andy1964
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by Andy1964 » Thu Jan 21, 2010 8:37 pm
Quite agree on the preference thing, either everybody or nobody, but only what is affordable,

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 8:48 pm
I agree it should be affordable, but it makes no difference whether an IVA is agreed or not, and a lot of the time it won't stop creditor phone calls.

I chose not to pay so that I had enough money for a bit of contingency fund, and so that I had enough to make the first IVA payment.

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 8:49 pm
I agree it should be affordable, but it makes no difference whether an IVA is agreed or not, and a lot of the time it won't stop creditor phone calls.

I chose not to pay so that I had enough money for a bit of contingency fund, and so that I had enough to make the first IVA payment.

 

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Andy1964
Posts: 1591
by Andy1964 » Thu Jan 21, 2010 8:51 pm
Ok Jan. we heard you the first time
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