Taking Charge.

jen_br

So I have called the CAb and have an appointment on Monday but i filled out the SOA for them basically and a list of criedtors (we only owe money to lloyds tsb but have a loan and 2 criedt cards to them) We also have our bank account with them.


The CAB girl called me back saying she was impressed with how tight my SOA was and how I am doing a good job budgeting shes advised me to open a new bank account. Not affiliated with Llloyds

I do have a halifax but if im correct they are part of lloyds?

So i am apporaching abbey.

Basically I am unsure what is happening she said they contact my debtors and sort it out does this count as an IVA? how will this show up on my Criedt report?

The reason I ask this and mainly im just happy about getting it sorted is the type of job my husband has he is part of the FSA and can't have any bankruptcies or IVAs on his file.

Thank you very much it feels good to be sorting this out.

pure_dead_dopey

Hi

Sounds more like a DMP. good idea to put your SOA up here and some very experienced people can have a look then help you make the right choice to go forward.. Well done for taking the first step and yes you should try to open an account away from any bank ith whom you have any debt, Co-op cashminder is a ggod one with no credit checks

DarkConvict

Bankruptcies and IVAs can spell death to financial careers. Both of these require payments and you to sign upto.

So most likely a DMP. This is where you or an appointed 3rd party, National debtline, CCCS, PayPlan, CAB. Write to your creditors with a pro-rated offer of payments based on your surplus income. This route does not wash with all creditors, some will help others won't They may or maynot freeze interest, they might sell debts to DCAs, or they might go straight for a CCJ. In most cases it will destroy your credit report for 6 years. If your husband has a joint account with you, Mortgage, Loan, Current Account it will affect him too, but most likely just reduce his score at obtaining credit rather than any affect on his job.

jen_br

Well the debt is mainly in his name, however its more IVAs that he is concerned about as he works in the motor trade dealing with finance hes not suppose to have anything like that

Another thing is he has had his CC since 1999 He was considering looking into that loophole but im not sure if really that would be successful