Hi all, this seems to be the place to talk openly about your problems. I recently contacted a financial adviser about my debt problems. I was very impressed that someone can help and offer advise. I was advised to enrol in a IVA and the way it was explained is the way forward. I am in the process of completing my IVA pack at present. The thing that scares me is i was professionally informed to stop paying my creditors straight away. Is this normal as i have always made the minimum payments even if i couldn't afford it.[?]
It is usual to be advised to stop paying creditors, as making unaffordable payments contributes to, rather than solves, the problem of debts you cannot repay.
Hope this helps and good luck, post as many questions as you like.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I understand. It is natural to be worried, but I am sure that you would agree that the alternative, staying as you are and possibly running up more debts, would have been far worse.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
hi mr.skint and welcome from me.it can be quite a scary feeling to just stop paying your creditors.i had never missed a payment until i started the iva process and felt like a common criminal when i didnt make any payments for the first time!! but on the plus side it gave me an opportunity to put some contingency money to one side whilst my iva proposal was being put together.you will get lots of help and support on here as we are,or have, all been in the same boat! good luck with your iva journey!![:)]
Just make sure that if you have a Northern Rock Together loan that you do not stop paying the unsecured element of this whilst your IVA is in preparation. Northern Rock will set your mortgage payments partly against the unsecured element which will leave you with mortgage arrears by the time the IVA is in place.
Hi
Good info from Melanie
It always feels strange to stop making any payments to unsecured creditors once you are decided on an IVA,especially after months/years of juggling money about to always make the payments on time.
It is the right advice though
Regards
Welcome to the Forum Mr Skint ... I think I am right in believing that Mrs Skint became a forum poster after her husband was once a regular poster on the Forum ... do correct me if I am wrong Mrs Skint.
Mr Skint, this is quite a normal thing to do, as the other posters have said. Do use this as an opportunity to build up a little 'contigency fund' which you may well need to fall back on during the time you are in your IVA ... a good, solid jam jar is often useful [:)]
All the very best ... and now that you have found us do keep posting on the Forum for you certainly are amongst friends here who will support you through your journey.
Hi and welcome from me too. I cant add anything to the other posters advice but it is quite usual to be advised to stop payments and as said it helps to build some back contingency.
Ang
Last edited by aguise on Sat Aug 30, 2008 8:19 am, edited 1 time in total.
We stopped paying ours as soon as we started the process. You will get letters and phone calls from the creditors, some of which are downright bullying.
Don't give in to them, just tell them you are going for an IVA and then put the phone down.
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
