What do I do while in the process of starting an IVA ?

[Charlie76]

Hi I am in the process of doing an Iva. I have questions relating to what I do in the meantime. The creditors meeting is on may 16 and some payments to creditors are due before so hey are starting to call. I have cancelled my debit card and d debit so payday loans can't try and get money. But I wrote four cheques for 100 each and have called HSBC and cancelled them this will cost 48 but if ey bounced it would be100. Not sure I did the right thing as my bank HSBC are one of my creditors.shold I have just let them bounce? I also need advice on how to handle the phone calls as I have received a few but too scared to answer. Should. Just as I am going through an Iva and to call the company and I can't pay as I would have to pay all the other creditors and it must be fair for all?

Will it look like I am favoring creditors at the meeting if I have missed payments to 4 and not the others as their due date is after the scheduled meeting date?what I Mean is this is the first time I have missed payments so all the other creditors will still show I have not yet missed payments.

Any advice much appreciated.

[Julie]

Hi Charlie and welcome to the forum.

You shouldn't pay some creditors and not others as it could be seen as favouring. The phone calls can be annoying and stressful! We all have different ways of coping, some unplug the landline /change number, or you can have a script ready - " I am proposing an IVA" and give your IP details.

Unfortunately, the calls come from call centres are can be relentless until the IVA is set up and running.

Keep using the forum for support and good luck x

[luluj]

Welcome to the forum.....whilst you wait for your IVA to be approved I would cease all payments to all creditors and put that money away as a small contingency to start you off with.

Personally the pay day loans ay as well bounce ..why spend £48 when you are entering in an agreement wit creditors?

You mention HSBC.... Please note they will close your account automatically when your IVA is approved ...they trawl the insolvency record .....make sure you open an alternative account, albeit a Basic account so that your wages and direct debits can be set up with a bank to whom you do not owe money......Co-op, Halifax, Natwest and Nationwide all come recommended for basic accounts ad IVA friendly.

[pennieless]

Hi charlie76, just wanted to say hi and welcome to the forum. When i decided to go for my iva i stopped paying creditors opened new bank account and saved what extra money from not paying creditors that i could. I stopped answering the phone but must admit the phone started to ring that much i had to unplug it. good luck on the 16th may and keep us posted.

[MRBLUESKY]

You are very close to your meeting date now,so i would,nt bother making any payments at this stage,keep the money for contingencies.Good Luck for the 16th fingers crossed.

[Niobe]

Hello and welcome from me as well.

We stopped paying creditors as well and saved the money as a bit of a contingency fund.

As for HSBC, they are known to close accounts but I've read of one post on here in the past few days where a poster still has an account with them.

Barclays are IVA friendly as well so I'm told.

[Foggy]

Hello and welcome from me. I agree this part can be a bit harrowing, but it doesn't last long. Like many others, I stopped paying as soon as I decided to enter an IVA and built up a small emergency fund.

I would recommend you open another account asap. I went with a co-op cashminder, which you open over the phone. Very friendly and painless procedure ( in fact I now have two cashminders --- one for everyday use and t'other for those things we need to save for ( car tax, repairs, that sort of thing).

Phone calls, I am afraid will come. I answered mine, glowing in the new found power of invulnerability ( somewhat naive I admit). I just let them get their scripted speeches out of the way and told them I was entering an IVA and to talk to my IP ..... some didn't even know what an IVA was -- they are only, on the whole, call centre staff and their next phone call is probably to sell appliance protection insurance !!!!

Many people just ignore them and ask those they want to hear from to call on the mobile ( tell them the landline is out of order, or you are fed up of telling people you don't want double glazing!).

If you have any online accounts with any of your creditors log on and either delete or alter your number in the profile.

Best of luck --- it won't be long. Keep posting

[Charlie76]

Thanks for the advice everyone.

Does anyone know if HSBC still require a 40p dividend as my Iva company proposing 25p so am worried and they will vote no and also I owe them 6100 out of 2800 and I also saw someone says one thing that if HSBC hold 25% of debt they are likely to vote against.

Also payday companies will start ringing next week is it ok not to answer?

Thanks again.

[Charlie76]

I have a Halifax credit card and a creation one that I have only had for 2 months or3 is this bad as it looks like I knew I was in debt and got more. I read that creditors are not impressed if you've only opened the accounts recently.

[Niobe]

Hello,

I know that some creditors don't look favourably on applications if you have only just opened up credit.

I don't think HSBC require the 40p now.

[josu]

Just wanted to say hello, seems like only yesterday i was going through all this and now im 3.5 years in! Try not to worry it is very rare that an IVA is not accepted, so i was told, the case workers/IP e.t.c know how to build a case and wouldnt really put one forward to be turned down. Also, as im sure you know, only 75% have to agree to it. As for the phone calls, i stopped answering, i just cut my mobile off if it was a number i didnt know and i unplugged my home phone until it was all over. Good luck!

[Charlie76]

Does anyone know if there are any creditors who are more likely to vote against an Iva

Mine are HSBC, Halifax, nationwide, creation, Argos, barclaycard, money shop, quick quid and wonga. I've heard some. Of the payday companies don't even bother voting.

I spend hours on forums and think I should stop and just wait for may16 as its driving me crazy trying to control everything.

One last question I am using money debt and credit and really not sure about them. They were great at first then after I signed I got very little information. They didn't even tell me to get a new account that is why I'm doing all my own research!

[josu]

I completely feel for you, i am exactly the same and even now i am going through one of my 'stages' as my husband calls them and i am on this forum all the time. I am just feeling a little jittery as the end feels so near but i still cant believe its all going to be over. Im constantly looking for the 'catch'.

My company are not great to be honest, i wish i had researched and used a different one. I dont hear anything at all from them, which scares me in itself. Do you know your actual IP's name? He/she is the important one. I never got to speak to mine directly and i havent been at all happy with the 'case handlers' so i found out who my actual IP was, got his email address and now if i have a concern i email him directly and he is far more efficient. If your IVA is on the way to being accepted there is not much you can do about the company now, as i say, look up your IP.

Alot of your creditors are the same as mine, i honestly think you will be fine. Im not sure they even care that much. Most of my debts have been sold on now to companies i havent even heard of.

[Charlie76]

Really worried about payday companies. Once I paid them using my boss and boyfriends card (they spoke them authorizing this). They will try and get their money from my card and will not be able to as it is cancelled but will they try and take from cards which are not in my name. I never registered these when I set up accounts. Surely that would be illegal? Just checking as I would be in big trouble.
Please advise.

[kazzafunk]

I dount if they would try - it probably is against some law if they are not a guarantor.

It really isn't long until your meeting so please son't worry too much.

HSBC voted yes to our IVA @17p in th £. As did Barclaycard. Creation didn't vote.

40p is a healthy dividend so I am sure it will be ok. If it makes things easier carry on with the forum. IT did stress me a little so I didn't post for a couple of days before the meeting - each to their own!

After it's approved I recommend everyone to carry on with the forum as it helps to stay focused and makes you feel you're not alone.

Good luck!