I have scared myself in believing that my IVA is going to fail!!!!

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lmcsf1979
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by lmcsf1979 » Sat Jul 22, 2017 1:35 pm
I'm now in panic/fear mode please help!!!! I took out an IVA with Payplan on 28/9/2011 & I had to do 5 yrs + 12 month extension in lieu of remortgaging my property. My IVA is due to complete on 28/9/2017. I've never missed a payment & payplan only contacted me yearly for our annual reviews which always went well.
Anyhow I've just started looking at IVA forums as I want to know the completion process & have scared myself in believing that my IVA is going to fail!!!!

I'm panicking as I've got a Lloyds bank current account with a £500 overdraft (which I use). Payplan look at my bank statements yearly during their "review process". I just assumed as they haven't queried it, that it's ok to have. Reading posts on here it appears that it's a big no no!!!!!

Secondly I have a Next Directory account (I've had this for the whole duration & prior to IVA). I've never missed a payment or defaulted on it. I do however have a credit balance which goes up/down depending on what I've bought which I pay off monthly, as we speak I owe £250 & generally pay £50 per month to bring it down each moth. I have a credit limit of several thousands which I've never taken advantage of. I've never owed more that £300 at any one time. After reading again on here it seems I shouldn't have a credit account at all with Next as it breaks the terms of an IVA.
I've not hidden the fact that I've got these 2 credit facilities but I've not flagged them up either! In fact I'm sure if I can vaguely remember Payplan advising me at the start of my IVA to open a new bank account with a maximum £500 overdraft before they put the IVA in place. This was so that once an IVA was recorded against me I'd find it nigh impossible to get banking facilities & not then able to do standing orders/DD's (which is how Payplan collect my payment monthly).

I'm desperate to put my IVA to bed as 6yrs has been a long time. My life has moved on immeasurably for the better & I just want a clean slate. Please advice/help.
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kallis3
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by kallis3 » Sat Jul 22, 2017 2:16 pm
Hi,

Glad you are close to the end but you should never have had a bank account with an overdraft. Also, whilst it is usually ok to have credit up to £500 with permission, your next account should have gone into your IVA.

Hopefully this won't hurt your completion.
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Foggy
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by Foggy » Sat Jul 22, 2017 3:18 pm
You have been sailing close to the wind, but seem to have got away with it. The o/d might well be sanctioned by Payplan, as up to £500 is permissible (though not recommended as this limit is usually taken up by utilities, car insurance and the like). The Next account is a different matter, but, being a modest balance should not tip the scales at this stage.

I would be inclined to not bring attention to it, grit my teeth and hope for the best !! Don't go poking sleeping bears !!!
lmcsf1979
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by lmcsf1979 » Sat Jul 22, 2017 3:22 pm
Thanks for your reply Kallis3/Foggy. I've totally freaked/spooked myself out about this. Surely if I wasn't meant to have the overdraft facility then Payplan (who've seen 5yrs worth of bank statements over the years from me at annual review) would of told me off & insisted I pay it off/close the overdraft facility, but they haven't mentioned it once!!! It clearly shows I have an overdraft on my statements.

As for the Next account. They were never one of my creditors at the start of my IVA as I've never had a problem paying them. I've fallen into the same trap as a lot of posters on here which is that they've upped my credit limit several times over the years as I'm a good customer of theirs& I wasn't aware. Like I say I've never had more than £300 outstanding, even though I've since found out I have a £5k credit limit.i only know I've got a £5k limit as for the first time in 6yrs I've applied to Experian for my credit file. I've never bothered looking at it before as I knew it was pointless/dire. Now that I'm only a couple of months away from completing IVA I thought I'd take a peek & see how bad it is.

I'm now beside myself with worry about this. I honestly thought I'd been the "perfect client" of PayPlan. Never missed a payment, always done what they asked etc. Now I have these 2 issues lurking & I'm terrified that they won't allow my IVA to complete on 28/9/17 & it fails.
Last edited by lmcsf1979 on Sun Jul 23, 2017 11:20 pm, edited 1 time in total.
lmcsf1979
Posts: 11
by lmcsf1979 » Sat Jul 22, 2017 3:30 pm
Foggy wrote:
You have been sailing close to the wind, but seem to have got away with it. The o/d might well be sanctioned by Payplan, as up to £500 is permissible (though not recommended as this limit is usually taken up by utilities, car insurance and the like). The Next account is a different matter, but, being a modest balance should not tip the scales at this stage.

I would be inclined to not bring attention to it, grit my teeth and hope for the best !! Don't go poking sleeping bears !!!



Thanks Foggy. I didn't do it intentionally to be underhand/sly. I honestly didn't think there was an issue as Payplan haven't asked me about it or demanded I close it in the 6yrs that I've been in IVA.
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benjiboo1
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by benjiboo1 » Sat Jul 22, 2017 7:52 pm
Hi. I had a next account when I applied for my Iva. I only owed 50pd so did not include it & then paid it off. My credit limit with them was at that time 2, 000. I started my Iva & the following statement I got from next showed my credit limit to be zero!! I presumed they had found out I was in an iva??? I hope this dosent go against you after all this time. I completed mine in March this year.
lmcsf1979
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by lmcsf1979 » Sun Jul 23, 2017 9:26 pm
Hi Benjiboo1, I sincerely hope it doesn't go against me. I'm now pooping my pants about it! I feel sick to the pit of my stomach at the thought of my IVA failing because of thus & my Lloyds Bank current account overdraft. I can ask my other half to clear both the overdraft & Next account. Its approx £650 total outstanding between both of them.
I'm now only 2 payments away (15th August & 15th Sept). The IVA 6 year anniversary is 28/9/17.
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luluj
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by luluj » Mon Jul 24, 2017 12:11 am
Seriously stop worrying - do as foggy suggests and not raise it further at this point - you are right they would/should have picked up on it at annual review time ... you only have a few weeks now until you will be at the end of your journey - start to think about the debt free life you will have !
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benjiboo1
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by benjiboo1 » Mon Jul 24, 2017 5:57 am
Try not to worry. As the others said surely they would have picked up on it by now. Try & think positive & keep your head down & just carry on. when I completed mine in March they didn't ask for final bank statements so try & think positive. Your near the end now & have a debt free future to look forward too. I got my completion certificate after 10 day's although my 6 years is up on 30th August.
lmcsf1979
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by lmcsf1979 » Fri Jul 28, 2017 2:54 pm
*******UPDATE*****

My IVA company (PayPlan) contacted me today via automated text. They wanted me to book in for my annual review! To say I was pooping my pants was an understatement, bearing in mind my original post last week!
I bit the bullet so to speak & called them only to find out that I didn't need to do an annual review at all. They didn't even want to see any proof re: I & E (it's not changed anyway). I was told all I needed to do was pay my last 2 payments when due & my IVA will be sent to the completions dept to sign off.
I clarified that once the completions team had my file would they want to do any further checks & I was told no.
I've been advised that I only need to complete/return the PPI forms & wait for my CC which could take up to 3 months to arrive!
To say I'm relieved is an understatement. I can now relax/stop crapping myself & just wait til 28/9/17 when my 6 yr IVA is finished.
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Foggy
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by Foggy » Fri Jul 28, 2017 3:02 pm
Good news -- you can relax a little -- but the real relief will be when the completion certificate drops through the door --- hopefully before Christmas !
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benjiboo1
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by benjiboo1 » Fri Jul 28, 2017 8:32 pm
Brilliant news. Sounds like it is all going to go through smoothly for you. Now stop pooping yourself & look to the future. Good luck.
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kallis3
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by kallis3 » Fri Jul 28, 2017 9:19 pm
Good news!!
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