I am in the process of starting an IVA but i have managed to pay one of my loans this month but have only been able to pay token payments of £50 to the rest of my creditors, will this effect my chances of being accepted?
Really if you are going to make payments to creditors, you shouldnt prefer one over the others. They should all be treated the same.
If you are early on in the process of applying then next month, if you want to pay them anything then pay them the same percentage each of the debt.
Whether you make token payments or not doesnt really appear relevant to your chances of an IVA being accepted or not,dont feel bullied into paying them if you cant afford to. You could start to put that money aside into an emergency kitty for when your iva is up and running.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Once you have decided that an IVA is right for you and your IVA provider has confirmed that that is the appropriate advice you should stop paying any of your creditors. Your IVA provider will write to them explaining that you are about to propose an IVA. This will give you a breathing space prior to your monthly contribution once your IVA has been approved. Choose an IVA provider who will give you sound advice. Visit www.IVA.com which gives reviews about those same IVA practitioners. Good luck.
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.
There is no harm in continuing payments in a reduced capacity, whilst an IVA is in process, as this can stop the ongoing barrage of letters and phone calls from collections departements during this period. In reality, however, it makes absolutely no difference to the way your creditors will vote on the day of the creditors meeting.
