They did advise me to make nominal payments - as i couldn't meet the min payments required but I only managed to do that on a few accounts - ie instead of paying Next £120 min payment, I only paid them £40 and I started saving up the remaining money. I did this with around 8 of my creditors but due to changing bank accounts etc, I couldn't with Egg and 2 others so they got nothing.
It doesn't seem to make a difference when it comes to the creditor meeting but the only issue is that you will start to get letters and calls, I did! But I just gave them Cleardebts name and my Ref number.
Susie
x
IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
I have made no payments. I sent a letter to every creditor advising as to why I was making no payments. I saved a little for contingency but as I was robbing peter to pay paul could see no point in doing that. It's up to individual choice really. I also unplugged my home phone so I didn't have to speak to anyone.
Hi Beckie - I was up to date with my debtors until I applied for an iva in March. I wrote to all of them and sent them £5 each as a token payment advising them that i was applying for an iva (as suggested by national debtline). It appeared to make no difference whatsoever and therefore if the situation arose again I wouldn't bother. iva road seems daunting at the start but i'm sure it will be worth it! By the way it clearly states in my proposal that if there still is no equity in my property in the 4/5th year then the iva will conclude after 60 months with no additional payments - so thats good x
Hi becky since i sent our paper work in i havnt made any payments to our creditors and have been saving the money for emergency should our IVA be accepted .I was advised that if we did make token payments that we should show no prefrence and all creditors should be paid the same amount
The choice is yours Beckie - I made none at all and it makes no difference at all. It is whatever you feel comfortable with.
If you don't make any payments, be aware that you will get calls and letters from the creditors.
If you have any online accounts I would go into them now and remove your phone numbers, just put any random figures down.
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
Just logged on now as I have been very busy today, but if the OP wants to contact me direct offline, my details are in the experts section, then I will be happy to address any concerns personally. I think I have identified you by the brief details you have given, and at first glance this looks like a very straightforward case, if such a things exists. Certainly I have seen nothing in there as yet which would make me worry unduly.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I was with Cleardebt when I did my IVA in 2005 and I couldn't fault them. Customer service was excellent and they were understanding about everything, explained things clearly. I am so lucky that I went with them, at the time I didn't realise there were dodgy companies out there so I count myself so lucky.
I only discovered this site and all the other people that were in the same situation as me. Thanks Cleardebt you were truly invaluable.
I'm the same as footiemad I made nominal payments but in hindsight I don't think I should have bothered as the others said I don't think it makes any difference!
"It is never too late to be what you might have been"
Fiona
How long did it take you to Google all those Mike?
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
