I’m confused...I’m up to date so far and meeting on the 8th before my bills are due, but some accounts first one MBNA have stopped access to my online account - what does this mean as if the IVA is rejected surely they would just expect me to continue paying as normal ? Or do they immediately start other proceedings ? I still have direct debits set up for minimum payment on my credit cards in case the Iva was rejected and I would work out the minimum I could afford - worried they are starting the ball rolling before I have chance to even sort it
I’m also stressing that debt collectors might be instructed before the meeting or is this too soon for this to happen as my accounts are not actually in arrears ???
Now your iva date is known I would stop all future payments, gather this money as a contingent for emergencies in your iva.
Creditors will already be aware of your intentions and some creditors do freeze accounts or remove credit facility available.
You are already protected to some extent from bailiffs as you have a creditors meeting booked - simply refer anyone to your IP and ask them to respond for you.
Don't panic ... although you will ... your IP will support you through this. Ask any questions you have
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
His happened to me too, MBNA and Lloyds both did this pretty quickly. It concerned me at the time in case I had my IVA rejected as I had no way to manage the account, but I decided to leave contacting them til after the virtual meeting and everything went through. In fact MBNA had voted yes my IVA earlier than the meeting date as I was emailed by stepchange with some modifications they wanted me to accept and some to reject, MBNA was rejected as the wanted to change some of the fees and without their vote I still had the 75% yes (just!)
Wed Jun 26, 2019 4:01 amMrs_Brown wrote:
His happened to me too, MBNA and Lloyds both did this pretty quickly. It concerned me at the time in case I had my IVA rejected as I had no way to manage the account, but I decided to leave contacting them til after the virtual meeting and everything went through. In fact MBNA had voted yes my IVA earlier than the meeting date as I was emailed by stepchange with some modifications they wanted me to accept and some to reject, MBNA was rejected as the wanted to change some of the fees and without their vote I still had the 75% yes (just!)
So you managed to get it in place before any other action happened ?
It would take time for any other action to take place and in the meantime if you were rejected you could set up a debt management plan.
I agree that you should stop making any payments now so you can have a bit of an emergency fund.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Most of us stopped paying once we had started on the IVA course. Even a months "saved" payments made a little safety cushion in the bank. Creditors do not usually embark on forced collection procedures quickly ---- there will usually be the phone calls from collection centres first. They have frozen accounts simply to stop you incurring any more debt ( in the past it was 'a thing' for people to max out accounts before entering a debt solution).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I emailed aperture about it - they said not to worry and said they think minimum payment to avoid default is a good idea - just in case they reject my Iva offer it’s better not to have action already being undertaken as that’s my main worry.
No other action will have been taken. It is up to you as to whether or not you make nominal payments, personally speaking I wouldn't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In answer to earlier question about at other action: stepchange had advised me to make token payments based on what they felt my repayments would be after my budget had been discussed during my data gather.
From my data gather to meeting was about 6wks, but fell over 2 pay days. I wrote to every one of my creditors and explained that I was undertaking an IVA and would be making token payments based on a percentage according to how much I owed each creditor. I was amazed at how most of my creditors agreed it immediately without any further info. Some wrote out for budget info to be able to accept a reduction, I ignored their letter and just paid them what I had advised I would be doing. Until these token payments I was completely up to date and had been struggling each month. I think the letters said the banks would accept reduced payments for 3 months before any further action, it's probably a government requirement somewhere about allowing a short window in case of unforeseen changes. After the 3months they were going to pass the debts to their debt recoveries.
Worst bank in my experience was First Direct. They kept calling and writing and emailing me until the IVA was agreed. I just ignored them. I blocked caps from unknown numbers on my phone too.
I doubt it is a government requirement, most companies will give you some grace but at least by not paying anything you are building up a bit of a safety net.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am sure you will be ok - please don't worry too much.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Wed Jun 26, 2019 6:58 pmkallis3 wrote:
I am sure you will be ok - please don't worry too much.
Thanks Kallis I’m a right old mess, really wearing me down I’m thinking of all the worst scenarios and driving myself to insanity, just wish the 75% percent rule didn’t apply as I have a feeling mine will struggle to reach this
Please be positive! I have everything crossed for you!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
