Iva procedures?

[chris_01]

Hello to all, this is the first time I have posted anything on this forum, I had completed an IVA application form a few weeks ago & submitted to a well known debt advice company, This morning I had recieved a letter from them stating they confirm that based upon the information that has been provided, they beleive that an iva is an appropriate way to proceed, with the letter I have a few forms to sign and a direct debit instruction to my bank, The problem is my bank is one of creditors in which I have an overdraft with? they have not told me to change my bank, I have tried to contact the assessment team of this company but there line seems to be very busy & was assured they will call me back as soon as possible, this was 3 hours ago. I really just want to make sure if this proceedure is right? as I have not received any calls from them since I had submitted the application form, I dont want to sign anything without me knowing what am I getting myself into, I'm in enough debt already, any information will be much appreciated, Thank you.

[aguise]

Hi Chris and welcome.
Wait until you have spoken to them. There is no point setting a debit up with a creditor, you will need to get a new basic account. Check what payments they are expecting to take if any upfront and make sure they will be retuned in writing if you are not successful. Have you spoken to anymore firms to see they give the same advice ? If you would like to post more info then advice and opinions will be given on possible solutions. Research it well chris, there are reviews on iva.com on the various companies. 3hrs is too long I would ring them again.
There are several bank accounts you could apply for, coop cashminder, natwest step, thinkbanking. Switch your income to the new account to save any problems.
Hope that helps a bit.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva experts]

Welcome to the Forum Chris,

Think carefully about whether you are wanting to do business with this company, as they will be your IVA firm for the next 5 years if your IVA is accepted. Contact at least 2 other companies to see if you are being advised properley. You are in a good position as you are not bound to that specific company just yet as the IVA has not been accepted.

If you bank account is with one of your creditors it is best to open up a new account with a bank you do not owe money to. This should be double checked with your I.P but as it takes a while to get an answer from them you could be waiting.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[chris_01]

Thank you ever so much for your replies Ang and iva expert, your words are very reassuring, nice to know there are people who care. Still waiting for a call back from them, and still cant get through. I'll keep trying, thanks again.

[iva experts]

Not a problem Chris, please continue to post how you get along [:D]

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Adam Davies]

Chris
Great advice from the above members
Think very carefully about using a company that fail to respond to your calls.There are over 300 IVA providers out there,speak to a couple more.
The CO-OP bank offer a good basic account called cashminder,if these are not one of your creditors it may be a good one to use for your new account
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Cybus]

Have they come to this decision purely from information provided to them on the application form?

Have they not actually spoken to you and explained all the alternatives that are available and then allowed YOU to determine what is best for YOU?

I'm sorely tempted to suggest you look around some more and more importantly speak to some one.

What's the name of the company you have consulted?

[MelanieGiles]

IPs should give advice on the advantages, disadvantages and implications of each option available to you, and I am suprised that this firm have evaluated your case without speaking to or meeting with you. At the end of the day there are probably a number of options you could look at, and it is important to make the right decision for the future - which may well end up being an IVA.