www.iva.co.uk

Hi all, I am new and I have my CM on the 2nd of September. Two of my creditors have cancelled my online banking which I had credit cards with them but Halifax which I have cancelled my direct debit as advised by my IP have been sending me emails and text messages to set up my direct debit for the loan and not to miss any payments but my IP have said that while I have started the IVA my creditors will freeze my accounts and any up coming payments till the CM until a decision is made.

Is it also right that my IP has requested for the first month payment this month even thoe the CM meeting is on the 2nd September?

I am just hoping that it all gets approved and I don’t have to keep stressing about this. Is there any reason why they would not approve it?

Thank you

Your advisor is a little light on the actual facts here. Creditors do not have to do anything like freeze interest or stop collections before the IVA is actually in place --- the fact is that, if they trid to, say enforce collection, they wiuld be beaten to it by the IVA (assuming it is accepted). They usually levy charges right up until the day of the IVA start and add this to the debt. Most of us, however do stop making payments in the hopes that the IVA goes through.

As for having the first payment up front --- some do ask for this, but it is not a requirement, and many do not want payment before the IVA has been accepted.

HSBC continued taking money from my account, putting it back because there wasn't enough and then charging me for it.

I made my first payment a month after my meeting.