I know this has been discussed and I had made my mind up not to make any payments while my IVA proposal is being drafted.
However, I received some of my documents back today from CCCSVA and a letter advising some information was missing, they had not even asked for it in the first place!!
Whilst talking to the advisor I explained I was not making any payments and she advised I should be making equal token payments to all my creditors. I asked if this would have an effect on the voting (as has been mentioned by many of you who are in an IVA it would not, but didn't let on about this)the reply was "I don't know".
So my question is should I now be making token payments because I am trying to build a contingency? My 10 year old car has cost me dearly this year and since I won't be able to afford to replace it I am trying to save some money towards inevitable costs in the future.
Your thoughts and advice would be much appreciated. Many many thanks x
You do not have to make any payments to your creditors if you don't want to. It will have no effect at all on the voting for your IVA and your advisor should know this!
Save the money towards your first payment and/or contingency.
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 will continue to put the money aside. I kind of knew, from reading on here, that stopping payments wouldn't have an impact on whether my IVA proposal is accepted or not. That phone call earlier really started to panic me a bit.
Just keep strong! If there is anything you are stuck with, we are always here.
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 was told to make token payments and then in the letter giving my creditor meeting date NOT to make token payments, UH! Both bits of advice were given in the space of one pay packet. I had already made token payments to the value of my proposal monthly payment by then. I wish I had kept if I am truly honest.
Good Luck!
I made no token payments at all and am glad I didn't.
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
It's a personal thing but I didn't make any token payments and my IVA was accepted. Keep strong and if you want to build up a contingency then I personally think that's a good idea. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
we've decided not to make token payment either. We know we will need it for the first payment plus contingency. As everything seems to have decided to break this month, like printer and pc we have needed it.
Hi, I didn't make any payments once the ball was rolling and that was definitely the best decision for me...though my first payment was the month before my IVA actually started.
It is a matter of personal choice, but the building up of a modest contingency means that you can hit the ground running as soon as the IVA is accepted without worrying about unexpected suprises.
So if I have all the surpluss 'non payments' before an IVA approval, do I not have to pay them all over at the start of an IVA?
I ask because I am really worried about my car going through its MOT soon, its 15 years old and every year it gets through by the skin of its teeth so I know the eventual outcome!
