Hi I am about to enter into an IVA and I need to block merchants from taking money out of my account
Hi. Welcome.
Speak to whoever it is that’s taking payments from you?
You need to speak to Monzo customer services agents directly in the Monzo app.
- touch the ? icon on the bottom right of the app screen
- typing ‘Contact’ in the search box.
- touch ‘Contacting support’ (should be the first search result)
- touch the ‘chat with us’ link (about halfway down the page)
Thanks you I have now made contact
One sure fire way with a CPA is to report the card lost and get a new one…
That said, creditors don’t have to accept an IVA offer. Probably best to ensure they’ve been informed
No they don’t but if it is approved then they are legally unable to make separate claims.
To OP - Monzo should be able to block them. Changing your card could also be something that is required. Think it will depend on the financial organisation you owe money to how they react.
Always worth considering a DMP first, preferentially with a charity or another no fee organisation.
Change your mind on an IVA after a year and the chances are you’ll have paid nothing but fees, and will probably be excluded by most lending policies for years to come
That said, unless you have 10 defaults + I would give a big thumbs down to debt consolidation in general. One day on clear score/credit karma and 5-10 well prepared phone calls with an understanding of how DCAs operate (they only pay about 30pc of a debts value generally) and you can be on a better track and still able to borrow
Good luck
I think if you’re on a DMP the last thing you’d want to do is borrow more money! Clear what you owe first before even thinking about taking any more credit.
Sorry, that last paragraph related to not consolidating at all, DMP, IVA whatever it may be
You’re right, but in the line of work I’m in, people still look to borrow at pinch points and ultimately its better to be able to do so at lower Apr
Potentially leaving yourself open to the sharks if you go insolvent