I've post on here before asking about what Bank Account I should use and got some helpful responses, thank you!
Here it goes around £37,000 or so in debt between 2x loans (Natwest and Nationwide) and 4 CCs (3x Barclays 1xNatwest) 1x store card(Argos) and a Very Account, Overdraft- Natwest.
I have setup my new Current Account with TSB and there is no overdraft attached to it.
Now - I have signed my documents, with IVA Firm - Mccambridge Duffy who are mentioned a lot on here and across the internet. Very pleased with there helpfulness so far, currently awaiting my salary to enter the Natwest account at which point I will transfer it back out and into my new TSB account.
I have a couple of questions if I may ask, I have paid all my creditors to this point up to date and already this month I am sitting in my over draft. I have now stopped using all my credit cards since signing the document however I have had an issue arise with car that is going to need repair and it needs more fuel and I need to purchase some more food before payday! Is it going to have a detrimental effect on my IVA being accepted for me having to use my Debit Card for my NatWest account to get the things mentioned sorted?
Also if the IVA is to be accepted when does the first payment usually get taken - will this be on the day?
Hi Riche. Glad to hear you are happy with ourselves and sounds like everything is going smoothly so far. Using your existing account is not an issue as it is not obtaining new credit but in effect just using your salary to pay bills. This is not uncommon and should have no adverse affect on your IVA.
We normally ask for the first payment to be made at the time of the meeting but if this is difficult there is no problem in setting the payment for whenever in the month your salary goes in. You usually have a month to make the first payment so any issues at all and just let us know.
Fingers crossed for the meeting but I am sure you will be fine.
Thank you for the reply that helps the repairs are going to cost me £250 water pump has started leaking and needs a new cambelt as well advice to change it with it, my fuel I normally just fill up as it lasts then a couple of weeks it's around £60 and the food will probably be £30/40 which will do me a good week or 2 is this OK to add on to the debit card overdraft sorry just really concerned just everything bad happens at wrong time !!
The overdraft was there before you started the IVA process and when your wages went in it was cleared. Using the overdraft again is really only using your wages and it is entirely different to getting a credit card and maxing it out. You will be fine and at least then the vehicle will be roadworthy at the start of the IVA.
You have made a good choice for the firm acting for you. I would not be making any further payments to your creditors.
Can you arrange to have your next salary paid to the new account ? Nat west have started freezing accounts, it would appear from a recent post. If the salary has to be paid there -- get it out as soon as humanly possible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
That's good to hear, really didn't feel I could use it before the IVA and was struggling!
Another question, that is concerning me -
I have been with Natwest for many years, since school, and have topped up my loan twice with them - the last was in December 2016, this was last year also at this time I took out another promotional offer that Barclay Card offered me a new card with a credit limit of £8,000. I have balanced transferred onto Barclay card and used my loan to consolidate other bits of debts I had.
Due to the short period i've had these cards will Barclaycard and Natwest reject me as these are my 2x biggest accounts due to the consolidation. I have been with Barclay card 3 years prior with 2 other cards I have with them.
Barclaycard accepted me with no problems. The only ones to say no were a couple of my smallest creditors and it didn't make any difference at all.
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
Barclaycard said yes to me -- Natwest was not one of my creditors.
Please remember replies are not always immediate -- we try our best to get to everyone, but the forum is manned by volunteers in their own time. Those in the Insolvency Industry often reply during normal working hours only --- overnight you are stuck with us "civilians"
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes suppose I am being a bit of a 'board-watcher' at this time, so apologies.
Good to hear Barclaycard accepted - Just due to how recent my new credit from them was as, personally I feel really bad, but its honestly until everything's in place you don't realize how bad your circumstances are the plan in your head sounds brilliant however, when brought to the table and in place, it just didn't work out as I intended, and hence have followed the route of an IVA.
Many people consolidate as a last effort to get in control so this should not lead to rejection. You are a longstanding client of both banks so this will be taken into account if a creditor does raise a query. I doubt if it will even come up but even if it does I cannot see it being a problem.
Had you just become a customer of these banks and blown the money there is a possibility that the creditors would be unhappy but not in your instance.
