Dealing with the banks etc

[vic74]

Another question i have just stopped all of my direct debits to the people i owe to, firstly do i have to inform them i have stopped the D/D's or do i wait until they call and start harrassing? and then how do i deal with them?
[?]

[Adam Davies]

Hi
I didn't inform anybody,just waited for the letters and calls.
Just state that you are taking professional advice and that you are in the process of proposing an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[vic74]

How were they in regards to that? did they leave you alone? or keep harrassing?[:(]

[aguise]

Hi again Vic.
It can vary so much out of 17 I had only one which harassed us the others were ok in fact some never called at all. We were up to date with payments until starting the iva which I suppose gave us a little headway. Just say as Andy says and dont be pushed into payments, it is hopefully only for a short while.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[vic74]

Thanks Ang, yes i too am upto date but juggling! so fingers crossed![;)]

[Adam Davies]

Hi
At the last debt debate in October there was an interesting conversation where representatives from Equifax stated that many people declaring insolvency had a near perfect credit record right upto the point of an IVA proposal but as pointed out by Mark Allen,Grant Thornton,and myself most people have been on the edge and juggling finances for the best part of a year before they reach the IVA stage.Infact this is where banks etc fall down as they do not conduct an affordability test when extending card limits or overdrafts,relying on the credit reference reports only.These,as we all know,do not always reflect the true story as they do not show that credit is being paid with credit.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ellie 553]

I am moving out tomorrow, cancelling my direct debits for business & personal accounts and won't have the same number. My new phone wont be connected for 9 days. Should I let creditors know my new address even though I am not going to be paying them as I don't want it to look like I am running away - it's just a coincidence that its all happening at the same time but I feel like a criminal !

[Adam Davies]

Hi
I would notify them,you are addressing your debt problems in a pro active and professional manner and have no reason to avoid your creditors
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[emma_t]

Hi vic74
I had many creditors and found that the attitudes of all of them were different and judging by other posts on the forum everyone else has different experiences.
Some of them hardly bothered to contact me at all, others were on the phone twice a day. just explain, as Andy says, that you are taking professional advice and will be proposing an iva.
If they hassle just keep repeating yourself parrot fashion and they will soon get the message, be firm but polite and good luck
Emma x

[poppy]

Hi, I didn't notify my creditors when I cancelled my direct debits and stopped paying. I was actually so petrified of the creditors I ignored all their calls although I know the best thing to do is speak to them and explain you are in the process of applying for an IVA. The calls are horrible. I used to get about 10 unknown number calls each day. Thankfully they all stopped when my IVA got accepted.