I went with the Halifax, Internet Banking and what not all available along with loads of branches on the high street
I would advise contacting a few IPs and starting that ball rolling first.
The frist step is hard, I looked into a iva 18 two years ago. but was told a DMP was better for me.
on getting the paper work saw I would be paying for 166 mouths.
So done nothing thinging I would do it my myself,
now it bigger debt.
take that next step and talk to a few IP.
Good Luck
IVA now over with and it was worth it.
now starting my life again,
And apart from the day I got married, getting an IVA is one of the best things I have ever done ( wothin resason obviously ) so although easier said than done, try not to worry about the IVA
Hi
I went into nationwide and had a cash card account, which was then upgraded to a VISA debit card which made life a lot easier. Go to IVA.com for your selection of IVA provider, you can see the scores on each provider and a short resume from clients. There's aslo a top ten listed for service speed proposal etc.
Am I right in thinking I make sure the bank account is up and running before actually asking for the IVA? and then do the IP help with how to deal with creditors before the IVA is in place? And does anyone know why it wouldnt be accepted? my head is spinning[:(] so sorry to ask so many questions!
Hey Recovering, I spoke with a couple of companies and decided to go with Melanie Giles, after speaking to Tina on Mel's team. Tina was very helpful not judgmental at all and talked me through the whole procedure. soon as we decided to go with an IVA, I immediately set up a new bank account and had all my direct debts and wages changed straight away, I then wrote to all creditors and advised that we were going into an Iva ( letters supplied by company) any letters, statements etc from creditors I just send to my IVA company. We are still in the IVA process but so far so good, the team are there every step of the way and help with any questions I have.
hope this helps, but I'm sure others on the forum will give you some more advice, good luck x x
sounds like you are on the road. I am setting out too , just looking for a firm I can like and trust and make sure it's the right thing for me and my family, good luck!
Meant to add I went with Nationwide and also set up a savings account, Tina went through a budget with us which we have been sticking to and any money left I have been saving as an emergency fund, this was the advice from the forum members.
Keep posting and asking questions the advice and support on here is great x x
Harrimav hello and welcome to the forum the advice I got was speak to 2 or 3 companies as you have to feel comfortable with your choice as 5/6 years is a long time.
Good luck and keep posting x
Recovering - you don't need to change banks if they are not a creditor (unless it's HSBC / First Direct who close peoples accounts if they enter an IVA regardless of whether you owe them money).
It's best to get the account set up and wages transferred over if you are changing as you know the money is accessible to you then. I ran 2 accounts for 3 months, giving me time to swap all the DD's over and make sure it was all done in time before HSBC knew what I was doing.
I stopped paying creditors, your IP doesn't have to do anything further other than sending out the proposal. We didn't pay anyone for 3 months and apart from letters stating we had defaulted we had no debt collectors on the doorstep so no probs there. Phone calls, however, can be a problem. On advice from my IP company, I changed my mobile phone number (free if you tell them you are getting nuisance calls - and Egg were a nuisance with 28 calls in 1 day alone!), I unplugged my home phone (everyone I want to speak to calls me on my mobile anyway) and just plugged it in every few days to delete the messages telling me to press any key to hear an important message - know what the message was going to be!!)
Once you have started to deal with the IVA application, just be strong and don't feel pressured into making any payments, you can't show a preference to 1 creditor and what ever they tell yoy, it will not make a difference to how the voting goes. It's a stressful few weeks but is all worth it when the IVA is approved and you can finally plug the phone back in and actually enjoy seeing the postman in the morning.
There are few rejections nowadays - most IP's worth their salt, would never propose an IVA they did not think have a chance of approval - it's just a waste of their time. The worst thing that may happen is an adjustment. We agreed to an extra £40 pper month as they knocked our smoking allowance back.
The only way to see if an IVA is really for you is to take the plunge and have a chat with an insolvency practitioner, who will be able to give you clear advice as to all of the debt options which are available, to enable you to make the most appropriate choice. Your IP ought to immediately write to your creditors to ensure that you are aware of your intentions, and if your paperwork is all to hand the process should not take that long.
Recovering. There is nothing stopping you having informal chats with IP's while waiting for accounts to be set up. In fact, once you have decided that this is the way you wish to go, it is better to get the ball rolling sooner, rather than later. It will take a few days for the bank account to be set up and you can be using this time wisely in gathering more information and advice.
A chat with a sympathetic firm can also be very helpful in helping you to get things into perspective ... there are many questions you don't even know you need to ask yet !!!!
A chat at this stage won't cost you anything and is without obligation, but can be helpful.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
