If and when my IVA is approved, how long after is it, until I make my first payment. Do I have to have to have kept enough money in the bank,or does it wait until the first day after my pay date, the 1st of the month?
Most companies like you to send one payment to them prior to the creditors meeting, it shows commitment, and you can make your first payment straight away.
Otherwise, I think you have to pay it within 28 days. We weren't able to pay upfront as we had no cheques or debit card, but just set up a standing order straight away.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi stirling i dont know if it varies from ip companies but when i did mine with mel i had to send my first payment with my proposal and then after it will be my payday
yes my IP takes a monthly payment, while we are awaiting the creditors meeting and then this will then stop and be replaced with the IVA payment.(Hopefully!!!)
it depends on your IP and when is best for you. You have 28 days from the meeting date but it's often best to set it up for when you get paid.
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
Commitment? why having a month's money at the meeting should make a difference is beyond me, I started mine on the next pay say sfter meeting as this gave me an extra months money to play with[:)]
Your Proposal will tell you when first payment is due. In all of ClearDebt's ones it is within 31 days after the meeting of creditors has approved the IVA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
My first one was due to go out at the end of the month, just over a week later. I called them twice for bank details and they promised to call back. I went on holiday for a week, (booked and payed for by parents a year earlier)and returned on 3rd. I called them again asking for bank details and got a right telling off for the payment being late!!!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
It seems their left hand does not know what their right hand is doing!
Last edited by David Mond on Wed Dec 31, 2008 1:44 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
