IVA being set up, really worried about it!

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dgraffham
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by dgraffham » Mon Sep 04, 2017 12:48 pm
I’m in the process of setting up an IVA through creditfix. I’ve got past all the initial phone calls/verification process and I’ve set up a new bank account as they asked me to. I’m now waiting to hear back from my newly appoint ‘Case Manager’, to get the agreement so I can sign it and send it back, before they can proceed.

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?
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Michael Peoples
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by Michael Peoples » Mon Sep 04, 2017 1:17 pm
CF do a lot of IVAs and changing bank accounts was the correct advice. Hopefully the paperwork comes through soon and the creditors approve the IVA. You could ask them why there is a delay as they do normally be quite quick.
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kallis3
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by kallis3 » Mon Sep 04, 2017 1:30 pm
I hope you get this sorted - I know how worrying is but we are all here for you.
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Foggy
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by Foggy » Mon Sep 04, 2017 2:16 pm
We all go through this stage and most of us miss several payments while things are being sorted. From comments on the forum CF do seem to set up and run IVA's fairly well but the communication aspect is a recurring issue.

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
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by dgraffham » Tue Sep 05, 2017 8:45 am
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!
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Foggy
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by Foggy » Tue Sep 05, 2017 9:38 am
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.
dgraffham
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by dgraffham » Fri Sep 08, 2017 7:13 pm
A little update on this. This morning I had an email from creditfix confirming that my meeting of creditors has been scheduled for 22/09/2017. And that the creditors have 14 days to review my proposal and give me their decision.

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?
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Foggy
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by Foggy » Fri Sep 08, 2017 7:22 pm
The creditors have until the meeting date (22nd) to vote. At the appointed time the votes will be checked and you will be informed of the outcome. There is a possibility of the meeting being adjourned while they chase votes --- this seems to happen a lot with CF -- possibly because they are giving 14 days notice when it is usual to give 21 or 28 days. The creditors will have all been sent an information pack with a copy of your proposal already.

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.
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kallis3
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by kallis3 » Sat Sep 09, 2017 7:22 am
Fingers crossed it all goes ok.
dgraffham
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by dgraffham » Thu Sep 14, 2017 12:04 pm
It's almost a week to go now until the creditors meeting. Today I've noticed that 3 of my 5 credit card accounts have been suspended and available balance in my previous current account (I've opened a new one) has £0.00 available balance.

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...

Expert thoughts?
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Foggy
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by Foggy » Thu Sep 14, 2017 12:18 pm
Creditors deal with accounts in different ways .. some merely freeze accounts, some set up dummy accounts. I don't think you can take what they do as an indication of which way they will vote.

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!
dgraffham
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by dgraffham » Fri Sep 15, 2017 11:50 am
So today, my previous bank HSBC somehow managed to take £426.88 from my new Natwest account, which has no overdraft facility. Got intouch with Creditfix about this today and they've told me I have to open yet another bank account (yes a third bank account) and get my new wages paid into that one! Also they've said I have to make sure all my direct debits to creditors are cancelled.

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
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Foggy
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by Foggy » Fri Sep 15, 2017 12:39 pm
Co - Op will decline a current account, but are likely to accept you for a Cashminder, basic, account. Do not, and you should have been told this (as you mentioned) transfer DD's. Personally I would not use the banks switching service -- open a "virgin " account and start DD's for utilities, insurance, etc from scratch manually.

HSBC are notorious to deal with when an IVA is involved.
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kallis3
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by kallis3 » Fri Sep 15, 2017 1:15 pm
HSBC are dreadful - I have first hand experience of them!

As Foggy says - Co-op are good but make sure you do not transfer any creditor DD's to it.
dgraffham
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by dgraffham » Fri Sep 22, 2017 3:16 pm
Hi all,

IVA was approved today, no problems, CF even contactd me about an hour before the Creditors Meeting was scheduled for. No alterations from creditors. Happy days!

Thanks for all your help
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