I have signed my paperwork in last few days. DD are not due until beginning of December. Some are calling as not paid this month but I am telling them i am in process iva. Should I try and pay a token amount?
No ... use this time to build a contigency that will be your saving grace when in the iva. As your creditors are noe informed of your pending iva there is no point paying anything further - you will receive calls but do as you have already done and refer to your iva proposal - many of the teams that call you will not know about the iva proposed ...if they are difficult to shake off simply.don't answer the security questions.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree with the advice Luluj has given. We get no credit (pun intended) for making token payments and it is better to have a little set aside for emergencies, rather than throwing it away to creditors for no good reason.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - I made no payments at all for a couple of months before my IVA
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
No point - you are about to enter an IVA and all your creditors will be written to, if they haven't already. You will want to save the funds ready to make your first contribution (if applicable).
Also a No vote from me. You are not shortening the period or reducing the deficit so take this opportunity to stash away as much as possible, not that it will be a substantial amount. It will however act as a buffer as you learn to budget now you are effectively on a fixed income. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Message received from Carron - posting on her behalf:
Thank you this site is so useful.
My credit meeting is set 29.11.17. So worried.
It's fallen where all my DD are due to come out. I have given details so the iva money will come out and i can't afford 2 lots of money. So hope I get accepted.
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If you have online accounts I suggest you go into them before your meeting and remove contact details.
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
My IVA was approved at the beginning of the month, my first payment is not due until the beginning of December. I didn’t pay anything during October to my creditors I informed them all I was going through the IVA process and they were all understanding and helpful!
I agree with everyone else put the money to one side for emergencies it will come in useful in the future.
