Usual IVA concerns

FoggyBrain_2

Hi all,
Have just taken the first steps towards IVA and sent off my life history for the IP to make head or tail of it.

One of my (smaller) creditors is the Halifax with whom I also bank! Having read about offset I am in the process of opening a new current account with Nat West ---- looks good so far with that application.

Question 1 --- anybody know who Nat West are affiliated with (so I can see if any other of my creditors might have access to my money) ?

My 4 year old son has his savings account also in the Halifax, in his name, with us as his signatories.

Question 2 ---- Can the Halifax rob him of his savings to apply to our debt?

He also has his Trust Fund through Halifax, but I think that's stuck there (not a lot in it though).

Finally (for now) ---- So far ( and only with a lot of juggling and "robbing Peter to pay Paul") we are up to date with all payments. When do we stop paying the "normal" repayments ? Should we be just making token payments while awaiting the IVA to be set up?

Thanks for reading my wittering, and best of luck to all in this (getting larger) boat :beer:

FoggyBrain_2

OK -- have had the literature and stuff from Natwest, and took my ID paperwork in branch this morning -- let's hope it all goes to plan.

As a back up I spoke to the Co-op last night, to open a Cashminder account. After giving another life history over the phone, and parrying a brave attempt by the guy at the Co-op to upsell, I was told that my application had been approved. However, having read a few threads on the subject, I won't breathe easy until I get either, or both, accounts actually operational.

Should both accounts go through, the plan is to get wages paid into Natwest and all DD's for rent, power, insurance, etc paid from there, along with the payment due under the IVA (fingers crossed it gets accepted). Then I will sweep the amount I am allowed (basically what's left) into the Co-op. With no overdraft facility and no cheque book the idea is that if I can't get it out of the ATM I can't spend it!!

MUST re-discipline myself over money matters!

On the assumption that the IVA gets accepted ( am looking at something in the region of 60p in the £ ... but IP might have other ideas), it'll be tight for the next five years ---- but nowhere near as bad as the last couple !!!!

mjm3346

There is a list of linked banks/creditors here

http://www.payplan.com/debt-library/miscellaneous.php

FoggyBrain_2

Thanks for that mjm ... just the job

Seems the Co-op is a safe haven. Might have problems with Natwest because they are linked to another of my creditors: Tesco.

Still -- they might never make the connection. And if they do, how likely are they to use offsetting ? Has anybody else fallen foul of this ?

mjm3346

The co-op is safe.

Tesco are now a bank in their own right, they were a joint venture with RBS, I am not sure how that might change any offset with them (inc Nat west),

Santander is buying bits of RBS/Nat West so you could end up with them (includes A&L and Abbey).

If the IVA is agreed then they should not offset anyway but it might be best not to offer them the chance.

FoggyBrain_2

Cheers mjm.

Santander is, I am told, buying the Scottish branches, so should be safe down here.

Co-op details came through yesterday, so am all go on that front. Yet to see if Nat West say "yes".

Am told my draft proposal will be with me by Tuesday. If all okay IP is looking at giving creditors notice a week later (to give me ample time to read and raise questions).

FoggyBrain_2

OK --- Nat west just emailed me to say account was opened today and letter is on the way. So ....

I have a co-op cashminder account into which I have arranged the wages to go in and DD's to come out.

I then intend to sweep the balance into Nat West for day to day spending. The Nat West account has a cheque book and card, so will be more user friendly than the cashminder (although I must make absolutely sure to stay in credit).

Long term plan is then to make Nat West my main account post IVA when I should be back on the straight and narrow.

Question is .... once IVA has gone through ... will Nat West renaeg on the account and withdraw the cheque book ??? In which case I might as well put all my eggs in the co-op basket.