www.iva.co.uk

I am thinking of setting up an IVA, and was wondering the following. I have a morgage and a secured loan on my house which well exceeds the market value.
My unsecured laons come to about £120,000, we currently have a setup with Sterling Green. So the questions are, will I lose my house, will I still be able to have a bank account, I also have a company credit card will this be effected,I am not self employed.

Thanks

Hi tripod im sure Melanie will answer that question better later on for you, she is really good & knows what she is talking about.
But good luck anyway !

I will leave the mortgage query to an expert as I am not sure...

With regards to a bank account, yes you can have one and you will need to open a new bank account anyway if you currently bank with one of your creditors. I applied for my new account prior to my iva so have a standard account with a visa debit, chque book, etc but if your credit rating is already affected you can get basic bank account which allows a debit card and all normal facilities.
You will need to stay away from hsbc/first direct as they close the accounts of people in ivas. The co op is getting really good feedback on the forum lately so a good place to start if not a creditor.

I can't see any problem with a company credit card as this would not be in your name but your companies but I am sure an expert will correct me if I am worng.

i am sure someone will be along soon to answer the other question[:)]

If you have an arrangement with Sterling Green then it is fair, I think, to assume that you are on a DMP with them. Accordingly, you should already be banking with someone that you don't owe money, unless any debt at your current bank was overlooked or missed out. If you DO have debt at your current bank then you would be required to obtain fresh banking facilities at a neutral bank, maybe the Co-Op for example, and that account should not have any credit facilities.

How much are you currently paying to Sterling Green if you don't mind me asking?

So far as I am aware Sterling Green do not employ any insolvency practitioners and will therefore refer you on to an insolvency practice if an IVA is appropriate.