Feel stuck and so much in the dark about the process of starting an IVA

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elizabeth662
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by elizabeth662 » Wed Apr 19, 2017 10:19 pm
I am currently in the process of starting an IVA and I feel so stuck and so in the dark with what is going on. I have given my expenditure and all other details over but I am confused as to how my money should be spent (sounds silly) but would someone be watching what I'm spending? For example if I spent £50 in the 'cinema' for example or the pub (not that I'm going to) but would I be questioned on why? Also if I take cash out at the cash point will I be questioned what it's being spent on?
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Foggy
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by Foggy » Thu Apr 20, 2017 6:55 am
Not unless you give any cause for concern. Your allowances will be agreed, so say you have £200 per month to spend on groceries and you decided to live on beans on toast then buy a new posh duvet instead of eating, that would be your business. Many IPs ask for bank statements to see the big things in and out ( regular bills by DD as well as income) , but do not scrutinise every item.
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kallis3
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by kallis3 » Thu Apr 20, 2017 7:38 am
Agree with Foggy - what you spend your allowances on is your business. If you wanted to you could save up some money and go on a cheap break such as Sun holidays.
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Michael Peoples
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by Michael Peoples » Thu Apr 20, 2017 10:00 am
Affordability is the most important thing not whether you shop in Waitrose or Lidl. Some firms ask for bank statements at the annual review [we do not] so check with your chosen IP if this is a requirement of theirs. An IVA should not be 'Big Brother' and how you spend your own money is your own business.
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elizabeth662
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by elizabeth662 » Thu Apr 20, 2017 12:58 pm
Thankyou guys, I am just feeling so stressed out and so nervous about it all. No one knows my current situation either so I feel as though I cannot speak to anyone regarding this matter. Also I have a loan out with my bank (Lloyds) and also a credit card with Barclays but I do have a standard account with TSB would you recommend I bank with TSB once my Iva is in place?
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kallis3
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by kallis3 » Thu Apr 20, 2017 1:16 pm
You do need to change your bank - try Nationwide for a basic one.
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Foggy
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by Foggy » Thu Apr 20, 2017 1:19 pm
I am not sure of the connection between Lloyds and TSB these days, but you should not bank with anyone linked with any creditors. I banked with the Co-Op ( Cashminder account) during the IVA and have stayed with them since.
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Lisa Thomas
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by Lisa Thomas » Thu Apr 20, 2017 1:45 pm
You might need to open up a basic bank account with a different bank as your existing one could be frozen. Your IP should have warned you about this.
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moira717
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by moira717 » Thu Apr 20, 2017 5:44 pm
I had Lloyds account but opened a tab one
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moira717
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by moira717 » Thu Apr 20, 2017 5:44 pm
Sorry meant tsb
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Rob1712
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by Rob1712 » Fri Apr 21, 2017 8:28 am
Hello Elizabeth,
It is really normal to feel in the dark and scared when starting out on an IVA. You have, in effect, handed over the responsibility of your finances to someone else. But the most important thing is that you are now taking control of the situation. It will get easier, I promise you. I felt exactly like you when starting out, but through this forum and keeping in regular contact with my IP (who so far have been brilliant), there is light at the end of the tunnel. You will also learn how to make savings and live more frugally, but this can be fun too! I am more than happy for you to contact me should you wish to to ask any questions, no matter how trivial you think they are. You are not alone- and well done for risking that first step.
Johng79
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by Johng79 » Fri Apr 21, 2017 5:29 pm
I feel your pain about this process. Im civil servant and contacted personnel to ask some questions before taking IVA, as my contract says i must advise them if insolvent. They advised me that if i do go for iva, i should provide them summary of how debt was accrued. What??! Big issue is if they ask for ip info, which i assume they would try to contact. Gambling & personal issues in my past arent really what i want work to know about. Im office worker, not chancellor of exchequer. Jeeess
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elizabeth662
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by elizabeth662 » Sun Apr 23, 2017 8:13 pm
Johng79 wrote:
I feel your pain about this process. Im civil servant and contacted personnel to ask some questions before taking IVA, as my contract says i must advise them if insolvent. They advised me that if i do go for iva, i should provide them summary of how debt was accrued. What??! Big issue is if they ask for ip info, which i assume they would try to contact. Gambling & personal issues in my past arent really what i want work to know about. Im office worker, not chancellor of exchequer. Jeeess


No way! That's really bad! Surely you shouldn't have to do that :?
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elizabeth662
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by elizabeth662 » Sun Apr 23, 2017 8:16 pm
Rob1712 wrote:
Hello Elizabeth,
It is really normal to feel in the dark and scared when starting out on an IVA. You have, in effect, handed over the responsibility of your finances to someone else. But the most important thing is that you are now taking control of the situation. It will get easier, I promise you. I felt exactly like you when starting out, but through this forum and keeping in regular contact with my IP (who so far have been brilliant), there is light at the end of the tunnel. You will also learn how to make savings and live more frugally, but this can be fun too! I am more than happy for you to contact me should you wish to to ask any questions, no matter how trivial you think they are. You are not alone- and well done for risking that first step.


Thankyou so much for your support!
I think because no one knows my situation and I'm trying to deal with it alone it makes it more scary. I'm constantly questioning my IP whenever we speak. He's so supportive though which is good. My main issue is whom to bank with. I have debt with Lloyds but also a Barclaycard so that's them out of the window but I have had a TSB account open for 1 year now and had that so I could put money in for my holiday. I'm thinking should I bank with them. But then comes the question of are they still a linked bank.
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luluj
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by luluj » Mon Apr 24, 2017 12:45 am
Use this forum for your questions - no question is a silly question and we are more than happy to answer and offer support when it is needed.
You are not alone ...we have all been there and know exactly how you are feeling xx
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