What do banks do once they get an iva request

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kallis3

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Post by kallis3 » Fri Jul 10, 2020 1:18 pm
It means they have had the paperwork for your meeting and have closed the account down so you cannot access it anymore.
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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Foggy

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Post by Foggy » Fri Jul 10, 2020 1:23 pm
Fri Jul 10, 2020 12:59 pmLahoretiger wrote:
What does that mean ? When they shut it down?
It means they have been made aware of the coming IVA and are preparing for it. The closed account means that you cannot borrow any more money and they will not issue reminders for payment ( though that sometimes takes a while to filter through the system.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lahoretiger

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Post by Lahoretiger » Fri Jul 10, 2020 3:52 pm
Rest still open

Foggy

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Post by Foggy » Fri Jul 10, 2020 4:01 pm
Fri Jul 10, 2020 3:52 pmLahoretiger wrote:
Rest still open
Not important or worth worrying about. Some will close now, some maybe months later, some will stay open. Different creditors deal with defaulted accounts in different ways, and none of this need worry you.
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

kallis3

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Post by kallis3 » Fri Jul 10, 2020 4:03 pm
Agree - don't worry about it. Not long to go now and there is nothing else you can do.
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 » Fri Jul 10, 2020 4:24 pm
Ok txs

Lahoretiger

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Post by Lahoretiger » Mon Jul 13, 2020 5:03 pm
I spoke to cab today they advised me iva is a product that companies sell
To you so the chances of refusal are very low as these agencies not all are funded by banks

Foggy

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Post by Foggy » Mon Jul 13, 2020 5:22 pm
Mon Jul 13, 2020 5:03 pmLahoretiger wrote:
I spoke to cab today they advised me iva is a product that companies sell
To you so the chances of refusal are very low as these agencies not all are funded by banks
Most are not funded by banks, however Stepchange and Payplan are, at least in part. The IVA itself is not a 'product'. What the firms are selling are their services in arranging and supervising a government sanctioned debt solution.

I am guessing what CAB meant was that the firms do not put forward proposals they think will be rejcted, because, by the time the creditors meeting has happened, they have put a lot of work into the proposal and they do not get paid for it until the IVA is 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 » Mon Jul 13, 2020 5:32 pm
Ok txs how do these ips now what propsals to put fwd

Foggy

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Post by Foggy » Mon Jul 13, 2020 5:41 pm
Mon Jul 13, 2020 5:32 pmLahoretiger wrote:
Ok txs how do these ips now what propsals to put fwd
Experience tells them the chances. As for the terms -- they are set my the legislation. And the figures depend on the debtors situation. But, at the end of the day, it is basically down to how the creditors vote.
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

kallis3

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Post by kallis3 » Mon Jul 13, 2020 6:54 pm
Not long to wait now so just be patient.
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 14, 2020 11:03 am
I said b4 one of the creditors loan i had accidenly clicked homeowner on an undsecured debt can they not say this is fraudlent debt have paid back 4k of 20k so far

kallis3

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Post by kallis3 » Tue Jul 14, 2020 11:41 am
I think you will be fine.
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 14, 2020 11:47 am
They wont be consired by that ?

Foggy

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Post by Foggy » Tue Jul 14, 2020 11:54 am
Tue Jul 14, 2020 11:47 amLahoretiger wrote:
They wont be consired by that ?
It wasn't a secured loan and they should have made their own checks if it was that important. They might not even notice.
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
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