Hi all, we've decided to go for an IVA and are in the process of gathering all the paperwork (statements, loan agreements etc). We are currently in a DMP with the CCCS and will cancel that tomorrow as have gone with a different IP.
What I'm not sure about is once we've cancelled the direct debit for the DMP for this mth, do we save that money towards the 1st IVA payment or do we offer payments ourselves to the creditors? I'm in the process now of writing to them to tell them about the change and stating the new IP details so should I include any "token" payments and if so how much should it be?
Sorry to ramble on, just trying to get my head round it all!
Personally, I would save this money towards your first IVA payment, that is what we did when we swapped over from a DMP to an IVA.
If you do make token payments, then they should be pro rata, depending upon how much you owe to each creditor.
If you don't make a payment, just be aware that your creditors will start hassling you again for payment.
Hopefully you will have an IVA up and running before too much longer.
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
It makes little difference whether you make token payments or not to be honest - your creditors will still contact you when they do not recieve their DMP payment, and your IP will be writing to them in any case.
