I'm now in panic/fear mode please help!!!! I took out an IVA with Payplan on 28/9/2011 & I had to do 5 yrs + 12 month extension in lieu of remortgaging my property. My IVA is due to complete on 28/9/2017. I've never missed a payment & payplan only contacted me yearly for our annual reviews which always went well.
Anyhow I've just started looking at IVA forums as I want to know the completion process & have scared myself in believing that my IVA is going to fail!!!!
I'm panicking as I've got a Lloyds bank current account with a £500 overdraft (which I use). Payplan look at my bank statements yearly during their "review process". I just assumed as they haven't queried it, that it's ok to have. Reading posts on here it appears that it's a big no no!!!!!
Secondly I have a Next Directory account (I've had this for the whole duration & prior to IVA). I've never missed a payment or defaulted on it. I do however have a credit balance which goes up/down depending on what I've bought which I pay off monthly, as we speak I owe £250 & generally pay £50 per month to bring it down each moth. I have a credit limit of several thousands which I've never taken advantage of. I've never owed more that £300 at any one time. After reading again on here it seems I shouldn't have a credit account at all with Next as it breaks the terms of an IVA.
I've not hidden the fact that I've got these 2 credit facilities but I've not flagged them up either! In fact I'm sure if I can vaguely remember Payplan advising me at the start of my IVA to open a new bank account with a maximum £500 overdraft before they put the IVA in place. This was so that once an IVA was recorded against me I'd find it nigh impossible to get banking facilities & not then able to do standing orders/DD's (which is how Payplan collect my payment monthly).
I'm desperate to put my IVA to bed as 6yrs has been a long time. My life has moved on immeasurably for the better & I just want a clean slate. Please advice/help.
Glad you are close to the end but you should never have had a bank account with an overdraft. Also, whilst it is usually ok to have credit up to £500 with permission, your next account should have gone into your IVA.
Hopefully this won't hurt your completion.
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
You have been sailing close to the wind, but seem to have got away with it. The o/d might well be sanctioned by Payplan, as up to £500 is permissible (though not recommended as this limit is usually taken up by utilities, car insurance and the like). The Next account is a different matter, but, being a modest balance should not tip the scales at this stage.
I would be inclined to not bring attention to it, grit my teeth and hope for the best !! Don't go poking sleeping bears !!!
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 your reply Kallis3/Foggy. I've totally freaked/spooked myself out about this. Surely if I wasn't meant to have the overdraft facility then Payplan (who've seen 5yrs worth of bank statements over the years from me at annual review) would of told me off & insisted I pay it off/close the overdraft facility, but they haven't mentioned it once!!! It clearly shows I have an overdraft on my statements.
As for the Next account. They were never one of my creditors at the start of my IVA as I've never had a problem paying them. I've fallen into the same trap as a lot of posters on here which is that they've upped my credit limit several times over the years as I'm a good customer of theirs& I wasn't aware. Like I say I've never had more than £300 outstanding, even though I've since found out I have a £5k credit limit.i only know I've got a £5k limit as for the first time in 6yrs I've applied to Experian for my credit file. I've never bothered looking at it before as I knew it was pointless/dire. Now that I'm only a couple of months away from completing IVA I thought I'd take a peek & see how bad it is.
I'm now beside myself with worry about this. I honestly thought I'd been the "perfect client" of PayPlan. Never missed a payment, always done what they asked etc. Now I have these 2 issues lurking & I'm terrified that they won't allow my IVA to complete on 28/9/17 & it fails.
Last edited by lmcsf1979 on Sun Jul 23, 2017 11:20 pm, edited 1 time in total.
Foggy wrote:You have been sailing close to the wind, but seem to have got away with it. The o/d might well be sanctioned by Payplan, as up to £500 is permissible (though not recommended as this limit is usually taken up by utilities, car insurance and the like). The Next account is a different matter, but, being a modest balance should not tip the scales at this stage.
I would be inclined to not bring attention to it, grit my teeth and hope for the best !! Don't go poking sleeping bears !!!
Thanks Foggy. I didn't do it intentionally to be underhand/sly. I honestly didn't think there was an issue as Payplan haven't asked me about it or demanded I close it in the 6yrs that I've been in IVA.
Hi. I had a next account when I applied for my Iva. I only owed 50pd so did not include it & then paid it off. My credit limit with them was at that time 2, 000. I started my Iva & the following statement I got from next showed my credit limit to be zero!! I presumed they had found out I was in an iva??? I hope this dosent go against you after all this time. I completed mine in March this year.
Hi Benjiboo1, I sincerely hope it doesn't go against me. I'm now pooping my pants about it! I feel sick to the pit of my stomach at the thought of my IVA failing because of thus & my Lloyds Bank current account overdraft. I can ask my other half to clear both the overdraft & Next account. Its approx £650 total outstanding between both of them.
I'm now only 2 payments away (15th August & 15th Sept). The IVA 6 year anniversary is 28/9/17.
Seriously stop worrying - do as foggy suggests and not raise it further at this point - you are right they would/should have picked up on it at annual review time ... you only have a few weeks now until you will be at the end of your journey - start to think about the debt free life you will have !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Try not to worry. As the others said surely they would have picked up on it by now. Try & think positive & keep your head down & just carry on. when I completed mine in March they didn't ask for final bank statements so try & think positive. Your near the end now & have a debt free future to look forward too. I got my completion certificate after 10 day's although my 6 years is up on 30th August.
My IVA company (PayPlan) contacted me today via automated text. They wanted me to book in for my annual review! To say I was pooping my pants was an understatement, bearing in mind my original post last week!
I bit the bullet so to speak & called them only to find out that I didn't need to do an annual review at all. They didn't even want to see any proof re: I & E (it's not changed anyway). I was told all I needed to do was pay my last 2 payments when due & my IVA will be sent to the completions dept to sign off.
I clarified that once the completions team had my file would they want to do any further checks & I was told no.
I've been advised that I only need to complete/return the PPI forms & wait for my CC which could take up to 3 months to arrive!
To say I'm relieved is an understatement. I can now relax/stop crapping myself & just wait til 28/9/17 when my 6 yr IVA is finished.
Good news -- you can relax a little -- but the real relief will be when the completion certificate drops through the door --- hopefully before Christmas !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
