1/ different people will suggest different things,but if you are in the process of having someone propose an IVA for you then I would send no payment or make a token payment if you can.
2/ It will take ages before anyone actually calls to your house but you will get phone calls pretty quickly.
3/ Normally you are expected to release equity in the 4th year of the IVA,however you probably wont be able to get a new mortgage so as long as you keep up your mortgage payments your house is safe.
4/ Your employers will not be informed.
Can you give an idea of your creditors and amount owed,also how much your income is that can go towards an IVA,ie whats left after you pay everything (not your unsecured debts though,as these would be covered by the IVA.
There is hope,so dont worry.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
One thing I can advise is make sure you remove your work Phone number from your creditors records before you stop making payments.
We ended up unplugging our house telephone and ignoring our mobiles when an unfamiliar number was displayed.
We even got postcards through our letter box threatening to send "representetives" to our house. Its hard at the time and very worrying but beleive me they will NOT send bailiffs for personal loan or credit card debt to your house.
We went from april to september (not making any payments) before our IVA was accepted and in that time we received hundreds of letters and calls but NEVER had a visit.
So don't buy extra tea bags and biscuits, no-one will be visiting!
Your employers will only find out if they search the insolvency and bankruptcy register on the government website otherwise no.
Not sure about negative equity but i'm sure that if you post a few more details eg, how much debt and earnings etc, an expert will be along shortly with good advice.
Your chosen Ip will advise on whether to make payments. It is usual though for payments to unsecured debts to stop, but obviously keep up the necessary living and secured debt payments.
Very rarely has anyone actually had a debt collector arrive at the house.
No your employer will not be informed.
With the fourth year equity relese if you cannot remortgage then the iva may run for a further year.
I would not recommend stopping payments - but try and work out an affordable sum and make ongoing payments on that basis. This may, but not always, reduce in a reduction in the number of telephone calls and letters you receive during the period in which your proposals are being prepared.
Once you have appointed an insolvency practitioner to represent you, they will be able to advise you directly on all of these matters.
