IVA Advice and more

veryworriedandscared

Hi



I am very worried about a number of things first of all I have just found out my bank has decided to close my bank account second I have taken the first steps to accepting an IVA for some reason I came across Debt free Direct contacted them and went through all the steps with my financial position.

While speaking to one of my creditors they have said I should drop DFD and use CCS as they are a charity and DFD will charge a fee.

I can’t seem to sleep anymore I have just spent 15 months fighting the UK immigration office to get my wife back from the Philippines cost me a fortune supporting her also I had hoped that now my wife is back and working I could start to sort things out. But of course things are slower now than 15 months ago and not a lot of manual work i.e. cleaning jobs she had lost a great job cleaning a house for just over 300 a week but because it too so long to get her back the people have decided to find some one else

I realise the IVA is an important start though i'm not sure creditors will accept the 75% agreement as most of the debt revolves just one Creditor MBNA so I am very worried I am going to lose the option of the IVA

At this very moment in time I am very worried about what I do about my Bank account i'v only had the account since last September 2008 and had set up a basic no frills account with no overdraft with the Co-Operative Bank This seemed to go well but every now again I would have a direct debit go through when i had no money in the account and the Co-Op would charge me for this and block the payment the main culprit being Orange who would try to take out funds when I had none now I have received a letter from the bank to say that the account has not been managed correctly and I should clear the account out.

I don’t know what to do I know the people I work for will not agree to paying me cash I have other commitments that need to be paid I have over 1100 in money sitting in the Co-op at the moment but that all counts for nothing I just don’t know where to go on this I did have a Lloyds bank account but I’m am in dispute with them over bank charges to the tune of 5000 half of this is now Charges they have agreed In principle to drop the 2.500 and have asked for a payment for the other half in full as soon as possible but I am not in a position to pay them I would love to get this debt of my shoulders. The Bank issue scares me not having the bank account the IVA wont work without it and I am scared I will lose my job because they will not able to pay the salary into an account

I am at a total loss i am worried about wife she just want's to work and make a better life for herself I thought i could give that to her but now i'm feel i'm close to the gutter my biggest fear was being thrown out on to the streets with no where to live because i had no job or a place to live i'm so scared

RAS

Hi

Unless you own your own home or have substanital assets aN IVA may not be the best option.

Have you spoken to any of the debt charities?

MIVAA

Hi VWAS,

Just a few pointers.

Firstly, MBNA are unlikely to accept your IVA. They have a very strange calculation which they apply to all IVA's put in front of them, which blocks the vast majority. Bottom line is they accept very few, especially if they think they will receive a full repayment of the debt they are owed within 10 years, based on the IVA contribution. So if, as you say, they hold the majority of the IVA vote, chances are they'll reject.

In that case you should IMO contact the CCCS and ask them to initiate a DMP, and wait a few months or so for MBNA to sell the debt to a collections company. Once they have rid themselves of the debt, and depending who buys it, you may find the IVA option becomes viable again.

Until then though, the CCCS will take care of the management of your debt problem, allowing you to focus on trying to stablise your other problems.

Good luck

MIVAA