should i tell my creditors????

[foolish]

Hi there i am new to this. I have took the step to go with W3 debt solutions for help. i have just (yesterday) sent off all the bank statement, pay slips, mortgage statements etc. I have missed no payments so far but it is now at the stage that the money is running low. W3 call handler advised me if i couldn't pay the whole payment to pay a little if i could as a gesture. Should i be phoning them up and when i pay a little should i tell them that i am going for an IVA and keep them informed?????
i love this site it is so helpful i don't know what i would have done without it apart from had a lot of sleepless nights!!!!!!!!!

[jasperyogi]

hi there,
I was told to handle things differently. I was told to cancel all my direct debits to my creditors ( all unsecured) while my DMP was being arranged, we too hadn't missed any payments up to this point. As for the calls we didn't receive any calls until we missed 3 payments then was only ever bothered by 1 creditor. Once the calls started we were always honest and upfront with them and most of them were understanding. So hopefully your IVA will be arranged before the calls even begin. Our IVA took 6 weeks from initial phone call to acceptance. Hope this helps. Best of luck with the IVA and please let us know how things are going x

Why spend life worrying...when you can spend it smiling!!

[Adam Davies]

Hi
I did exactly the same as jasperyogi and stopped paying all unsecured creditors,afterall many people at this stage are paying credit with credit.Speak with your provider again but my advice is to stop paying now.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[lizziej]

We cancelled our direct debits and have paid over the counter in our bank with cash a simple token jesture - we have received one phone call from our 15 creditors in the last month - IVA should be dealt with before your creditors get too concerned especially like us you haven't missed a payment until now! Good luck

[foolish]

andy, thats true at the moment we are taking money off our credit cards to pay bills which just seems silly to continue doing this.

[MelanieGiles]

You need to be careful if you are incurring more credit which you know you will be unable to pay. That is the end of the rocky road, and professional advice ought to be sought from an insolvency practitioner as to your options.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Dominic]

i was also told to cancel allpaments ot creditors, but maintian my utilties, rent payments.

You are meant to treat creditors equally.

[maxdebt]

Hello Foolish and welcome to the Forum. As Melanie says stop using credit immediately. Cancel all your Direct Debits to your unsecured creditors and if you have not done so already open a new bank account ASAP with a bank not associated with your creditors. I am sure your IP has already advised you of the above but I was told too late and my wages went into my old bank (who were my biggest creditor and I had to hastily lift it all out by cash)