Hi thinking about going for an IVA..i been send paperwork to send to people i own money to...ie who to contact ect...now it also say token payment...is it worth me doing this..as i going for a IVA anyway..any ideas??
If you have already consulted an IP to assist you in putting an IVA proposal together, they ought to provide you with sample letters you can send to all of your creditors - and also write themselves to confirm they are acting.
Whether you make token payments or not, this rarely has any affect on the eventual outcome of the IVA, but the sooner you get the ball rolling, the sooner it will be finalised for you.
I am not really a believer in token payments but you can write to your creditors informing them that you are proposing an IVA and give them the name of the IP and firm that are doing it for you.
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.
I didn't make any token payments at all before mine.
It won't have any bearing on the outcome.
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 didnt make any token payments at all either. There wasnt time really. Mine went through really quickly.
Didnt effect the outcome either !! Mine was approved December 2007
