Thanks Clare, I was hoping that'd be the case and they hadn't just made an error with figures. It does make perfect sense for them to do it that way but it's all based on the assumption that we can refinance. I'm not worried about being able to pay for the refinance as it appears our HP length has been 'extended' by our IP, as Clare explained, to account for the balloon payment so we should have enough to cover it over those extra 18 months. I'm just worried about being able to actually get a refinance agreement sorted. I will speak to Honda and ask them if there is any flexibility but I think our best option would be to get a family member to get a 0% card and do it that way. Fingers crossed I feel so much better than I did at 4am this morning! Thanks everyone, your input and opinions are invaluable xx
6 year IVA accepted 7th March 2013... the start of a new journey!
Honda should be Ok with the refinance as long as you've not missed any payments to them. They get more money if you refinance so they are likely to accept with no issues. Good luck
Just had our Chairman's Report paperwork through. Looks like only one of our creditors (we have 11 in total) pushed for a 6 year IVA. The rest were happy to accept what we had to offer. Also looks like most of our debt has been "passed on" to Grant Thornton and one of their accounts was the one that wanted to extend.
I am just wondering, as the creditors are happy to accept the dividend that we offered in our monthly payments over 6 years (44%) would it be feasible to ask that our IP puts the money to one side that we are paying in as "extra payments" (50% of bonus and overtime) to save up for a F&F later down the line? As otherwise I'm probably going to ask after maybe 4 years that they accept all our total payments to date as an early settlement as they are going to have the 44% back by then. Is that even possible?
6 year IVA accepted 7th March 2013... the start of a new journey!
The 50% "extras" are due to the creditors in any case, so cannot be used as, or towards, a F&F. However the 50% you keep is a different matter. If you can afford to squirrel some of that away it might come in useful down the line to settle early with.
Payments to date are often used as a full and final, depending entirely upon the circumstances. There has to be a fairly certain chance of the IVA failing ( illness, redundancy with no hope of re-employment ... England winning at rugby ) before they would entertain this, though.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for that Foggy, I thought it was worth asking as I don't fully know the ins and outs of what you can and can't do in an IVA. I guess we'll just have to press on with it and see how things go over the next few years.
On another note, I don't know if you know the answer to this or whether I should start a new thread but we both have Natwest basic accounts (that we opened recently due to the IVA) and we have just realised our cards don't work on the 'pay at the pump' machines at the petrol station, and you can only draw cash out from one of their cash machines which is a pain in the backside but not the end of the world as we rarely need cash. I am just wondering if our cards would work for online grocery shopping as I occasionally do the big shop online and I know it pre-authorises the funds and then takes the correct amount a few days later, as the amount can change due to any substitutions etc so they don't take the money out there and then. I don't know if this works in the same way as the pay at the pump machines and would therefore prevent me from doing our shopping online, or if it works differently. Does anyone who has a Natwest basic account (or even someone who doesn't) know the answer to this?
I am considering setting up a separate basic account to transfer our half of bonuses etc into, as I don't like the thought of it staying in my account which is where all our bills come out of as we had to stop using our joint account due to them being one of my partner's creditors. So if I do, I need to make sure I get an account which provides a card with the above features in case we really need them. We very nearly got into a situation one night last week as all the petrol stations within a 5 mile radius were pay at the pump and we had barely more than a drop of petrol left in the car. We had to practically 'roll' the car to the Shell garage in neutral haha!
6 year IVA accepted 7th March 2013... the start of a new journey!
Hi
I've just been reading your posts with great interest. We have just had our phone call with money plus part of the debt people detailing the proposal and are waiting for the letter to b sent advising of the creditors meeting. Have you found them ok? I'm a little dubious about them they don't seem to b particularly speedy with anything and I'm wondering if you or anyone else may be able to advise if we're too late into the process to speak to other it's...I'm keen to get it sorted asap so also worry changing now is just going to delay things further ... my husband thinks I'm worrying unnecessarily
The problem with the Nat West basic debit card is that it appears to be of the Electron variety. These do not work in pay at the pump machines as these things are not connected to the network and the pump is unable to authorise it, whereas Visa Debits have a pre-authorised limit. Electron cards are supposed to be being phased out, but I am guessing Nat West have made use of them to be able to limit their use to their own machines.
Whether they will work for online purchases I have no idea. Co-Op debits are full visa these days and mine works everywhere (not tried a pay at pump machine though).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy, Co-op would be the one I'd choose if I have to open another account. We only went with Natwest as we were in a bit of a rush to get an account set up and you can do it all online with them, even with a basic account.
Kath - so far, even though I've only just started my IVA, I have no big complaints about The Debt People, but I don't yet have a lot of praise for them either, They weren't the quickest in getting paperwork sent out and I often get put through to other departments when I call them. I haven't spoken directly to my IP and I don't know if I should be speaking to a specific person or just the company in general, but as it is a large company it lacks the personal touch. They tend to talk to you as if you know everything about an IVA if that makes sense, and you have to ask a lot of questions to get the information you need. They are quite formal and I wouldn't say they are the most approachable if you are highly anxious and worrisome about the situation you're in. I was actually referred to them by Vincent Bond and I didn't realise I had a choice at this point, otherwise I would have chosen one of the IP's that post on here. I just hope I don't have the same problems with them as some people have on here with their IVA companies - a couple of particular companies spring to mind and if you look at the topic names on here lately, you could probably guess which ones I mean.
Sarah xx
6 year IVA accepted 7th March 2013... the start of a new journey!
Yes, the larger companies do lack a certain flair for communication and understanding of our position. I am with one of those conglomerates, but, luckily have been communicating with very helpful and friendly staff. I guess, in the end, it boils down to who answers the phone --- I have been with two companies and never had a regular case officer or contact -- which is somewhat annoying as there is no sense of continuity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's a real dilemma isn't it...I am a worrier and like you only found this site after I'd started the iva process, and really have nothing to compare to. They've been ok so far but not the quickest at sending paperwork out....I don't know at what point we're tied with them and if we can move would we have to start the whole process from scratch again. I did ask if we had a problem could we speak direct to ip but they said we direct any questions through the helpline so in a nutshell think that's a no....although I wonder if we pushed it would we maybe get put through ...
To be honest I've never asked to speak to him directly but I was afraid that would probably be the answer. So most of my doubts, worries and frustrations are likely to be posted here instead it's nice to know that you're paying them so much in fees but yet you can't even talk to them isn't it? Well in my case anyway as it's likely that most of the fees are on top of what we owe to creditors based on our estimated payements over the next 6 years, it's not coming out of the creditors money for the most part. We'll be paying in around £4000 more than what we actually owe. I think the IP's that post on here are great, it's so nice to see that they take the time to give advice to people that aren't even their clients, just to be helpful and for no financial gain. Totally different ends of the spectrum. On the other hand Keith from Vincent Bond, who was the first person I spoke to about our problems, was fantastic and he answered my emails and silly questions very quickly and at silly times of the night, and made me feel totally at ease. VB will get a chunk of the money as a referral fee and I'm glad because he did lot for me and I'm hugely grateful.
I'm not sure at which point you're tied in, I would assume from when you post the permission to act off - that should have your IP's name on it, saying you give the consent for xxxx xxxxxxx to work on your behalf etc. For us it was with a big pile of paperwork that needed a lot of signatures from both of us. To be fair though as soon as that was posted back they arranged a creditors meeting and it was held 2 weeks later so that bit went fast. It may be best if an IP on here could clarify this for you though hun?
Sarah xx
6 year IVA accepted 7th March 2013... the start of a new journey!
I feel so much better than I did at 4am this morning! Thanks everyone, your input and opinions are invaluable xx
