Welcome from me as well! The advice you were given is standard practice I believe - we were also told to max out our overdraft! Our IVA was only approved a few days ago and so we are still getting the letters, but I am looking forward to them stopping soon!
"The advice you were given is standard practice I believe - we were also told to max out our overdraft"
Who actually advised you to do this angelrainbow - and for what purpose? Are you actually saying that your IP advised you to draw on your overdraft up to its limit before your IVA was accepted? If so, for what purpose?
That does seem strange. We were just told not to pay creditors, certainly not to max anything out.
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
Hi Melanie, it wasn't our IP who told us this, but someone from the same office. From what I recall she said something along the lines of "you might just as well as it is an existing debt and you need every penny you can right now."
It is not advice we took, I hasten to add. I should have made that clear. My partner and I both felt maxing out the overdraft was very wrong. We made token payments to creditors and only missed one payment in total during the whole process.We just felt we ought to do what we could.
I am glad that you did not heed that dreadful advice. I am sure that the IP would be very concerned to know that his/her staff were giving out advice like this. Well done to you for knowing that that was not the right thing to do.
My policy is to advise clients to stop paying creditors when, but only when, the type of solution you are to take has been determined. Until that decision is taken it can make sense to drip feed creditors, on an equal basis.
I have been in correspondence with a Mr Skint on another forum, appertaining to a form of transport. Wouldn't be you by any chance?
Ian
Last edited by ianmillington on Mon Sep 01, 2008 9:36 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
We have stopped all our payments pending the completion of our IVA pack as was advised by our IP. Damn scary as I have never once missed a payment to anyone in my life. The constant telephone calls are a touch upsetting, but you have to deal with such things.
