can it be better to deal with creditors myself

[jay_d]

hi can you tell me how often payments are made to my crediters is it once a year can it be better to deal with them myself so i dont have to pay all them cost

[ianmillington]

Hi Jay

I assume you mean instead of an IVA? Whether it's in your interest to do something yourself or via a formal arrangement depends on a number of factors:

1. The level of debt
2. The number of creditors
3. The amount you can afford to pay each month.

If you only have a couple of creditors then it's probably better to do your own thing. However, if you get to 4 or 5 creditors then such a scheme starts to get unmanageable due to different creditors having different demands eg some will and some won't freeze interest.

If you can give us the above info, we should be able to advise further.

Ian

[MelanieGiles]

In an IVA payments are generally made to creditors on a quarterly or annual basis, depending upon the terms of the arrangement.