iva about to begin hopefully

mickyb1974

my nominee/ip is in the process of writing to me with a letter of engagement then a creditors meeting will be held etc etc .

so hopefully it will be up and running asap however i need some advice on the following

i have 4 payday loans which will be included in my iva three which i defferred a week ago to next month and one that you can roll over so basically they will take 600 on my payday , i have been instructed to open a new bank account which isnt going well ( already had account closed by co op , currently with nationwide but need to swap asap turned down by norwich and peterborough and natwest/rbs have said they are sending a letter for me to sign before they will fully approve my application) but either way company i work for payroll is closed for end of this month so wages will go into that account and i dont know how i can stop the payday companies taking the payments as they wont be informed of me entering into an iva by then. Only thing i can think of which sounds rather dishonest is i stay up till early hours on my payday and transfer the money out as soon as it goes in . Does anyone else have any better suggestions.

on a better note i am now doing what i should have done a few years ago rather than robbing peter to pay paul etc and not being brave enough to realise i had to do something to turn things round .

longtermplanner

Tell your bank and the payday lender that you are cancelling the CPA - see http://moneyaware.co.uk/2012/07/how-to-cancel-a-continuous-payment-authority-cpa-on-a-payday-loan/

Best of luck with the IVA - I hope your creditors vote in favour and it goes smoothly for you.

UpToMyNeckInIt

Hindsight is great: the new bank account should have been sorted as soon as the iva was being considered.

Still, your iva is not in place yet so you may still have success with a bank account from a high Street bank. I have heard that Barclay's, Santander, Nat West and Yorkshire bank are iva friendly (tip: don't reveal that you are about to propose an iva. There is no requirement to do so, and it may cause your application to be rejected if you do).

Otherwise you are limited to the card based accounts: Clear Cash, Cash Plus, Think Money etc. Or Secure Trust Bank. All of which charge a monthly fee, which will be allowable expenditure in your iva.

I can personally vouch for Secure Trust. They had my account up and running in 24 hours, & it sounds like you need an account in a hurry.

Hope this helps. Good luck.