What do banks do once they get an iva request

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Lahoretiger

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Post by Lahoretiger » Thu Jun 25, 2020 11:02 pm
Do banks check what you have done with there loan money once they get your iva proposal ? when is it a legal binding document?

luluj

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Post by luluj » Fri Jun 26, 2020 3:19 am
no..I very much doubt they do. Some banks have rules regarding ongoing account activity and in the past banks like HSBC and First Direct have closed accounts to those in IVA'S.

If it were me I would have a basic bank account set up as a precaution with someone like the co-operative to fall back on should you get challenged in any way
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Lahoretiger

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Post by Lahoretiger » Fri Jun 26, 2020 6:37 am
Sorry i meant like natwest was the bank that gave me a loan last year jan 2019 for 20k.
This year june 2020 i am applying for iva will they check how the loan was spent once they recieve my iva proposal

Foggy

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Post by Foggy » Fri Jun 26, 2020 7:09 am
What the banks do is very much up to each bank. However, with the current pandemic taking up much of their resources, I expect trawling bank accounts to see what you are spending on is unlikely to be a priority.

The IVA becomes legally binding if and when it is accepted by creditors at the initial creditors meeting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 2:44 pm
How are natwest and barclaycard with iva requests ?

kallis3

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Post by kallis3 » Tue Jul 07, 2020 3:43 pm
Nobody can say - you just have to sit and wait.
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.
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http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Jul 07, 2020 4:09 pm
They do not, as far as I know, have a set policy --- it will depend on the full picture, the figures and, dare I say, how they feel on the day !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 5:04 pm
They do not do iva natwest and barclaycard?

Foggy

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Post by Foggy » Tue Jul 07, 2020 5:16 pm
Many with debts to both Natwest and to Barclaycard have successfully got IVAs accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 5:23 pm
"They do not, as far as I know, have a set policy --- it will depend on the full picture, the figures and, dare I say, how they feel on the day !

I dont understand the above plz

kallis3

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Post by kallis3 » Tue Jul 07, 2020 5:29 pm
It all depends on what happens on the day. Each IVA is individual and we cannot say how they will vote.
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

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 5:43 pm
Really confused how this works
If they dont accept iva then bankcruptcy they will get 0

Foggy

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Post by Foggy » Tue Jul 07, 2020 5:48 pm
No one has said they do not accept IVA --- no one will know until the meeting.

IF the IVA is rejected then you have to find other ways to pay the debt .... maybe with a Debt Relief Order, or a Debt Management Plan, before worrying about bankruptcy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lahoretiger

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Post by Lahoretiger » Tue Jul 07, 2020 5:50 pm
On probaility what chances do ivas have of approval

kallis3

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Post by kallis3 » Tue Jul 07, 2020 5:54 pm
Nobody knows.
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
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