The main reason I gave in to doing an IVA this month was because there just wasn’t enough in my bank account to pay all my bills. All my essential bills were covered, but there isn’t enough to make my regular loan and credit card payments. Which haven’t been paid and they are already contacting me letting me know I have missed my payment.
At the very start the guy I was dealing with (who now I can’t even speak to apparently) was really helpful and gave me all the answers I needed, while pushing me to get through this process as quick as possible. Which was good because I want things sorted as soon as I can. But now I’m sat waiting to hear back from them, wanting to sign this agreement, but they’re in no real rush now whatsoever. Meanwhile I am defaulting payments on credit cards, and my previous bank account is demanding I re-pay my overdraft now that my account has been switched elsewhere.
It is making me really worried, as I don’t even know if the IVA is going to be approved or not when they have the meeting with creditors. And if it is refused, I’m in a real big mess!
Has anyone else been in a similar position at the start? Should I be worried or not?
I would imagine the first chap you spoke to was, basically, an introducer / salesman. Now you are at a different stage and being dealt with by a different team (I am guessing).
Tell anyone who contacts you for a payment that you are in the process of arranging an IVA, ther than that and passing them CFs details, do not get into any discussions (name, rank & serial number).
Hang in there.
dgraffham wrote:Thanks for the comments. I'm sure once it's setup things will be much easier going forward, it's just this initial period of uncertainty. Still waiting to hear back from Creditfix after chasing them again yesterday, probably need to be a bit more patient!
There is an awful lot, all happening at once! Bit of a learning curve. It will soon settle down.
I've been doing all sorts of reading up online and trying to work out how this works and do have a few questions I'm hoping someone can answer?
I'm trying to work out where this 14 days comes into it, as 14 days from now is the 22nd. So is it that creditors have until the 'meeting' date to make their decision? Do they just make a decision on that day? Or do they have up until 14 days after the meeting date to make their decision and they don't actually find out about my IVA proposal until the 22nd? I thought that they would have all been contacted already, is this incorrect?
If the answer is that they have up until the 22nd to make all the decisions, could I possibly get a final answer before the 22nd in that case?
CF might be able to tell which way the voting is going before the meeting, but things might change and they will not be able to tell you the result earlier.
On the day most firms will ring you shortly after the meeting time -- however you will probably have to chase CF as communication isn't their strong point.
Does this just mean that the creditors are suspending the balances until we have a conclusive decision on the IVA? Or is this more of a good sign that things a decision might have already been made? Creditfix were apparently "keeping me updated regularly until the creditors meeting" but havn't said one thing to me yet...
CF will only have anything useful to say to you if a major creditor, with the power to swing the vote, votes early --- even then things might change before the meeting time -- so, really, it is a case of sitting tight until the appointed time I am afraid.
Communication, however, isn't CF's "thing", so you might have to chase them for the result anyway!
I'm literally gobsmacked. I havnt even been approved by the creditors yet, and if they do decline the application im in such a worse mess now than I was before! CF told me to open a new account and let them switch all my DD's, now I'm being told I shouldnt have transferred any of the creditors DD's to the cnew bank. Its just crazy as I now owe £426.88 to Natwest, my brand new account I just opened, and theyre going to be included on the IVA now!
Now I've got to hoepfully find a new bank account, which can give me my new bank details immediately, in order for me to update my details with my employer to make sure I atually get paid, in 13 days time.
Does anyone know which banks I can open an account with? My creditors are HSBC, Santander, Tesco Bank, Halifax, Barclaycard, Lloyds Bank, Capital One and now Natwest. Co-Op bank previously declined my application for a current account
HSBC are notorious to deal with when an IVA is involved.
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