Help IVA/DMP?

dipsy

how can I find out if natwest /RBS are associated with halifax....

worried again now as I have just set up over 50% of my d/d to come out of the halifax account so therefore I need to transfer my salary into there....

what a mess thought I was making progress not so sure now :-(

if I am on an IVA will they make me sell my house or is it as I understand that they just make me remortgage up to 85% LTV in year 5?

confused isn't the word :-(

Right have spoken to Halifax with a different name (becoming paranoid now)

they are not associated with anyone I have debts with they are associated with Bank of Scotland and Lloyds

so that bank account should be ok yes?

Questions

now do I go get the work done on my car that needs doing so that it keeps running

should I contact the bank once I have got my salary out to tell them I am going for an IVA or just wait for the letters to roll in?

Should I do another food /toiletre shop before I finally make the application for the IVA and can someone tell me if they will take my house off me?

I am so scared :-(

Anyone had dealings with Natwest in respect of the IVA, likely to agree or turn it down?

UpToMyNeckInIt

Didn't mean to panic you - sincere apologies.

I think you will be OK: just google 'RBS Group Brands', and 'Lloyds Banking Group Brands' (HBOS banks).

Totally separate: I was getting 'The Royal Bank of Scotland' confused with 'Bank of Scotland'.

...unless anyone else knows otherwise?

dipsy

rang halifax direct to clear it up it is halifax and bank of scotland along with Lloyds TSB

phew..... all the d/d are almost transfered, just need to get my wages out of the account sharpish on Thursday

just another thought, although I had already spoken to MBNA

I wonder if any one knows if any of these would be open to freezing charges/interest and letting me do some kind of repayment plan with them, might take me ages, but then I will get pay rises/bonuses etc so that could go towards the debts and I could remortgage if the housing market picks up

any thoughts?

thanks again, sorry to go on but I swear I have gone grey overnight since I decided to take control of the situation

moohound

UpToMyNeckInIt wrote: »

MBNA (did not bother to vote, despite me having £13K on a credit card of theirs.

What happens when they don't bother voting?

dipsy

ok, have now spoken to debt management company done a full financial statement, lady was really helpful answered lots of questions

said I had £82 a month to pay in and she thought the IVA or bankruptcy were the way to go, I explained I really don't want to lose my house....

IVA here we come, lets hope they accept it, though I can't see it myself, but then again with no assets/equity at least they will get something back, just gathering all my paperwork now

god my head is going to explode :-(

They told me to keep making min payments until things were sorted.... I think I will have to do a bank robbery lol only joking :-)

FiatFan_2

Sounds like good news, always best to follow their advice. By making the minimum payment it'll let you pay for the car to be fixed on the credit card without having an impact. We've just had to take a payment holiday to get ours sorted so when you enter the iva, don't worry too much about the cost as your IP will help out when needed just means we've an extra month at the end now.

As for the house, mortgage payments are protected during the iva. Are you interest only or capital and interest? Some lenders on interest only deals will move you straight over to a interest mortgage once the iva is approved which will scupper you from what I've read posted on here. As for the 54mth equity release, 4.5yrs is a long way away and is difficult to judge at the minute how anyones iva will be affected come this point. imo it's long enough away not to be too worried about it till it happens.

HTH

UpToMyNeckInIt

moohound wrote: »

What happens when they don't bother voting?

...then they are automatically included.

To be accepted, the proposed IVA only goes through if more than 75% of creditors (by value of debt) vote in favour. This only applies to the voting creditors however.

In my case, out of a £35k debt, only creditors totalling £9k bothered voting - all in favour, so my IVA proposal was successful.

dipsy

sorry me again... being thick, what does

"By making the minimum payment it'll let you pay for the car to be fixed on the credit card without having an impact"

mean?

anyone had dealings with Natwest are they likely to accept the IVA in anyones experience, this is who my biggest chunk is with... if they say no I am doomed :-(

thanks again

cheesedoffwithdebt

HI- I owed money to Natwest and found them dire to deal with, it took them ages to realise there was a problem and then when they did, they eventually got solicitors Irwin Mitchell involved who sent some very jolly (not) letters out.

However, you are tackling this early, I was in a DMP for a while and the Natwest fiasco tipped me into researching IVA.s.

Your IP is probably the best source of info about how Natwest are responding to IVA proposals now to be fair- I was just stunned with them that considering the pressure they exerted they never voted at the creditors meeting, I doubt that 3 years on anyone there knows my account is closed to be honest.

If you are considering a total IVA payment of £82 per month that's only a 15p in the pound dividend and is a little on the low side, but weighed against what they would get if you went bankrupt it's probably more, this is of course if I have understood anything correctly- you mentioned Natwest and it's still like a red rag to a bull with me.:mad:

FiatFan_2

dipsy wrote: »

sorry me again... being thick, what does

"By making the minimum payment it'll let you pay for the car to be fixed on the credit card without having an impact"

mean?

anyone had dealings with Natwest are they likely to accept the IVA in anyones experience, this is who my biggest chunk is with... if they say no I am doomed :-(

thanks again

I wasn't meaning to cause confusion or panic. Somewhere along the lines the guidance mentions that some transactions may be regarded as fraudulent as it's paid with a card with the intention of not paying. Never hear of anyone being caught out by it, ad do it myself as it likely slip under the net. As I'm sure UpToMyNeck suggested, there cards were maxed out before entering the iva without any bother.