Creditors Meeting Tomorrow BUT........

Barkley_2

I have my creditors meeting tomorrow and were very nervous about the outcome. But we have had a few mystery letters from our main creditor. The first was the usual return the cards/cheque book from our main account, BUT, they were allowing us to keep the other account with full benefits and requested that " it was to be kept in credit for the duration of the IVA".

Then today, we recieve an insurance policy from our bank which was for "Personal Overdraft Protection". The policy start date was 24th August 2010. I have had no contact with my bank for over 3 weeks since telling them that I was applying for an IVA via my IP and have at no point agreed to said policy.

Heres my question.

Could this be good news regarding my IVA being accepted or is this just a standard procedure for IVA applications??

Thanks

ships-cat

Got mine today too - best of luck

3431Anna

My husband has his creditors meeting tomorrow for an IVA and we are both very worried about the outcome,but as people on this site have said his creditors cannot have what he hasn't got its been 2 weeks since his IPgave him the date of the meeting so its been quite a long worrying time but hopefully it will turn out o.k. tomorrow finger crossed

Barkley_2

Had the meeting today and it has been accepted with the condition that my wife goes from part time to full time employment. There is no time limit to getting a job, but we just need to provide evidence of jobs applied for, rejection letters etc etc.

Good luck with your meetings

ships-cat

Was accepted too....great news...5yrs and counting

Charco_2

Barkley wrote: »

I have my creditors meeting tomorrow and were very nervous about the outcome. But we have had a few mystery letters from our main creditor. The first was the usual return the cards/cheque book from our main account, BUT, they were allowing us to keep the other account with full benefits and requested that " it was to be kept in credit for the duration of the IVA".

Then today, we recieve an insurance policy from our bank which was for "Personal Overdraft Protection". The policy start date was 24th August 2010. I have had no contact with my bank for over 3 weeks since telling them that I was applying for an IVA via my IP and have at no point agreed to said policy.

Heres my question.

Could this be good news regarding my IVA being accepted or is this just a standard procedure for IVA applications??

Thanks

Hey BArkely, dont recognise anything about a Personal Overdraft Policy but just wanted t make sure that you DONT keep a account filled with money ata bank that you have entereed into your IVA... standard pocedure is that you lose down all contact with banks you have ebts to and open a basic account with a bank you have had no previous dealings with

This is to avoid the danger that your creditor might use the "right of offset" to take money you have with them and put it gagainst any debt you have with them!

Just be careful!

mia1830

Barkley wrote: »

Had the meeting today and it has been accepted with the condition that my wife goes from part time to full time employment. There is no time limit to getting a job, but we just need to provide evidence of jobs applied for, rejection letters etc etc.

Good luck with your meetings

Hi, I have been reading info on here for a while and just trying to find out as much info as possible before I go for an IVA, just wanting to know what I'm letting myself in for. I just came across your post saying that your wife has to go from part-time to full-time employment, this has freaked me out a bit, my husband works full-time I do part as to look after our 3yr old, do you think they are going to ask me to take more hours on as then I would have to look at paying a childminder which would defeat the purpose! Well done on getting your IVA we are just waiting on new bank accounts opening then we will be applying for ours.

Barkley_2

mia1830 wrote: »

Hi, I have been reading info on here for a while and just trying to find out as much info as possible before I go for an IVA, just wanting to know what I'm letting myself in for. I just came across your post saying that your wife has to go from part-time to full-time employment, this has freaked me out a bit, my husband works full-time I do part as to look after our 3yr old, do you think they are going to ask me to take more hours on as then I would have to look at paying a childminder which would defeat the purpose! Well done on getting your IVA we are just waiting on new bank accounts opening then we will be applying for ours.

With the current climate, there are not many jobs about, but just aslong as we keep "proof" of looking then we should be ok. There is no time limit on getting a job. My wife works 17.5 hours a week, but they have asked for 35 hours a week. It was mixed emotions when at our meeting they said it has been accepted, but only on the condition of full time employment. To be honest, it is stressing us out even more now as its not as if we have not been trying. Thats why we ended up getting the IVA in the first place. We should have applied for this 6 moths ago, but saw it as a last resort.

Barkley_2

Charco wrote: »

Hey BArkely, dont recognise anything about a Personal Overdraft Policy but just wanted t make sure that you DONT keep a account filled with money ata bank that you have entereed into your IVA... standard pocedure is that you lose down all contact with banks you have ebts to and open a basic account with a bank you have had no previous dealings with

This is to avoid the danger that your creditor might use the "right of offset" to take money you have with them and put it gagainst any debt you have with them!

Just be careful!

We are using a non related bank and for the first time in a couple of years, we are starting to live and not worry (except for the job thing)

Thanks for all the advice Charco. You have been a star

3431Anna

3431Anna wrote: »

My husband has his creditors meeting tomorrow for an IVA and we are both very worried about the outcome,but as people on this site have said his creditors cannot have what he hasn't got its been 2 weeks since his IPgave him the date of the meeting so its been quite a long worrying time but hopefully it will turn out o.k. tomorrow finger crossed

Just a quick update my husband had his creditors meeting today and it was accepted by all his creditors such a relief 5years to go

Barkley_2

3431Anna wrote: »

Just a quick update my husband had his creditors meeting today and it was accepted by all his creditors such a relief 5years to go

Congrats and good luck.