If you are already in the process of applying for an IVA then you do not need to make token payments, but the choice is yours - you can make them if you wish.
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
There is no absolute need to do so, as Jan says, if you are already in the process of instructing an IP to look at an IVA for you. I generally do recommend that my clients, unless there are compelling reasons not to, make at least a token payment to all creditors as a gesture of goodwill, but it is down to the individual in the end.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
The only thing it can do sometimes, is to get the creditors off your back for a week.
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
I wrote to creditors telling them that I was in the proverbial, and that I would make best efforts to pay 'something' at the end of the (next) month.
When I got to the end of the month I had precious little to send anyway (so I thought better of it), but I did get some letters back thanking me for taking the trouble to let them know - and from those companies that replied I got very little hassle.
Barclays didn't reply and they were the worst ringing every hour on my mobile, work number - you name it.
I think just a communication letter helps, at least it worked for me.
In hindsight - I wouldn't send anything if you are going for an IVA - you are going to need any spare cash that you can put by during that period of 'not paying' to help to at least have a small amount as a buffer or contingency as you go forward.
Last edited by soreloser on Thu Mar 05, 2009 12:38 pm, edited 1 time in total.
I got fed up of writing to Barclays telling them what was going on and refusing to deal with it by phone, only letter.
They still used to phone and text me even though I ignored the calls.
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
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
If you are in the process of applying its probably not so important.
Im out of work and therefore not applying at the moment- I contacted all the creditors last week and have agreed to give between £1 and £5 a month..which they all agreed to even Mercers have said they will come back in 3 months for an update, which is a massive weight off my mind. As long as you tell them the score they are fine
If you can't do anything permanent about your debts at the moment, then it is best to be upfront and pay small amounts to your creditors.
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
Sorry you are out of work Stressed1 but as soon as you manage to obtain gainful employment seek advice as to your options to sort out your debt problems. At the appropriate time visit www.iva.com to review practitioners who will be able to help you. Good luck and I hope you get a job soon.
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.
Thanks everyone. I must admit I was very surprised and I will be taking the "we will leave you alone" with a big pinch of salt.
David, did you receive the information I sent on Bond Partners
Thanks Stressed1 - I'll check in my office as I am currently away - let you know shortly.
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.
