I am new to the forum. After changes in circumstances I am thinking of applying for an IVA.
I have taken on board advice given to other posters on the forum and have already been in touch with one IP who advised that an IVA would be the best route for me to follow and am waiting for another to call me shortly.
I just got off the phone having successfully opened up a new bank account with a company that I do not owe money. I asked for the new bank take charge of transferring all of my current direct debits etc and wondered if I have done the right thing by having all the direct debits transferred from my creditors to my new account.
I'd appreciate any help that you could give on this.
There shouldn't be a problem at all in having your payments transferred from one account to another.
Is there any reason why you are worrying about this?
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
Hi and welcome to the forum. Can you transfer the ones you want yourself rather than those of your creditors as you don't have to pay them if you're entering an IVA. However, if they're transferred across I suppose you could always just cancel the direct debits on the advice of an IP.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Duh! How silly am I! Teach me to read posts properly!!
I would arrange to transfer the DD's that I wanted to go across myself and not let the bank do it. That way, as Lesley says, you can pick and choose and if you don't want to pay your creditors whilst setting up an IVA at least you will already have done that.
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
Thanks for replying so quickly. It's not that I am worried apart from my direct debits are for the next few weeks going to be spread over 3 different accounts and my biggest worry is having the money in the right account on due day.
I just wondered if it might have been easier to leave my creditor payments where they are ensuring the money is there to cover them until advised otherwise.
I suppose I also got a bit jittery when I read another post where someone said if money is left in an account where money is owed to them and they get wind of an IVA then they may keep your money but now am starting to realise that it is perhaps better to remove everything from my these accounts.
Also would it be wise to get a temporary overdraft facility until all accounts are transferred successfully in case of me having the money in the wrong account and insufficient funds in the new one. Obviously, I would cancel the overdraft facility if successful in an IVA or alternative DMP. I have a lot of payments set up and am worried I mess up somewhere.
Once you contact an IP and things start moving they may advise you to stop paying your creditors and this will help accrue a contingency fund or if you feel like you want to pay your creditors it will be a pro rata token payment. If you owe your bank money they can offset the credit balance against the debit balance.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi - I left all my direct debits with my old bank, made sure our wages went into our new bank then transferred over the dd's that I wanted to continue to the new account.
Are you saying some of the dd's are to creditors? Only it may be wise to stop those and concentrate on building a small contingency fund. You can always make nominal payments if you feel you want to carry on paying them something.
We made no payments from April to when our IVA was approved on 21st June.
If your money is in an a account which is a creditor then they can take money from there prior to an IVA being accepted which is why you need to get it changed over now.
If there is a problem you can always explain to your priority creditors that you in the process of changing accounts so some payments might be a bit late - they will understand.
As to your creditors, it is up to you whether or not you continue to make any payments from now.
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
When we entered our IVA we transferred the DD's for utilities, tv licence, C Tax etc ASAP,
A few like the TV licence said it was too soon to change the accounts etc but took 2 payments the following month, the C Tax had the same problem but just re issued the bill staging the missing payment over the remaining months of the year. The water just took the payment over the telphone using my debit card then set up the new DD for the following month, Gas and Electric just transferred it straight away with me just giving them the new sort code and account number details over the telephone
You should not be putting creditors DD's onto your new account as once the IVA starts you will not be paying them direct, you IP will pay them their share out of your monthly payment. Once your IVA is in place you will need to add a SO or DD to your account for the monthly payment but you will get a form to sign authorising this.
If life is what you make it, I must have been in a strange mood when I made mine
I would recommend changing banks as soon as you decide to take out an IVA. When Nationwide knew that was the route I was taking they suspended my online account and I couldn't use my debit card. I was lucky in that I had already changed my wages to the new account, otherwise N/W would have taken all the money in the account.
I am new to the forum. After changes in circumstances I am thinking of applying for an IVA.
I have taken on board advice given to other posters on the forum and have already been in touch with one IP who advised that an IVA would be the best route for me to follow and am waiting for another to call me shortly.
I just got off the phone having successfully opened up a new bank account with a company that I do not owe money. I asked for the new bank take charge of transferring all of my current direct debits etc and wondered if I have done the right thing by having all the direct debits transferred from my creditors to my new account.
I'd appreciate any help that you could give on this.
Your right about getting a new acount straight away - sometimes you can even be offered a full account. What new bank account have you choose ?
Personally i prefer to do the transfer of DD /Sos myself - you can choose a more suitible date - also these days most companies you can ring up and sort it there and then.
If you are very sure you are going the IVA way rhen open your new account and put your money in there from wherever you get it ie your salary If you are paying general bills water electric type things then your bank can do them when you transfer across The money you pay to debts if they are DD then cancel them
I opened a new bank account and they did that for me and all I had was my monthly salary going in and then I closed my old account
As people say here when you are sure you going the IVA route then I wouldnt pay anymore out It would take them 2 months to catch up with you as if you miss 1 payment for example they would think you were having a slight problem then by the next month to pay your IVA company will deal with them for you I was stupid I tried to pay all my debts per month until my IVA But basically you are realising you are in trouble now and setting the ball rolling to deal with it
Also you can contact the people who you owe money to and tell them you are setting off the IVA and to take your phone mumber off there records and not to call you All they need is a home address to send you some letter but when you get them forward them to your IVA company to legally deal with them Then just sit it out for a month and you will be in your IVA within 8 weeks if its pretty straight forward Toughen up now and get all your paperwork ready bank statements Ins and Outs and P60 more you can do quickly then the sooner you can get the IVA started Dont hang about now waiting for phone calls call them
Good luck
I chose Debt Free Direct for my IVA who couldn't have been more helpful, efficient and supportive. They fully understand your predicament and do everything they can FOR YOU to get things straight. I now have a Cashminder account with the Co-op Bank it comes with a debit card but no overdraft, so you can't go ratching up debt again. It was very easy to open (it's designed for people with an IVA) and you manage it online.
hi,welcome to new people. we have a account with Co Op,we've found them very good.
once we'd decided we were going for the IVA we stopped paying all credit cards,loans etc,just keep paying,rent/mortgage,council tax,water,gas&electric.
some of the dd dates for the above clashed with the new account set up so with some things we paid 2 payments the next month,or cash,or a telephone card payment,etc. so you need to get into following your allowances for food etc given to you by your IP firm,ONLY DRAW OUT what you know you're allowed so any 2nd payments are sitting waiting if you need to do that.
this is a really important time to get into budgeting and any spare cash left from not paying credit cards etc save,save,save - at some point you'll be really glad you have a emergency fund!
well done for facing the problem![:)]
Nothing stays the same...everything changes..hang on in there!
If you are paying general bills water electric type things then your bank can do them when you transfer across The money you pay to debts if they are DD then cancel them 
