www.iva.co.uk

Hi
can someone advise when the first payment has to be made into an IVA from the date of the creditors meeting.

Our meeting will probably be in about 4 weeks. If by a miracle it is approved when would the first payment go into it and what is the process after the creditirs meeting.
Did not ask all these questions to our IP as do not want to build my hopes up.
Thanks

Hi karen

I think its due within 28 days of your creditors meeting.

This may vary between companies as I paid the first payment before my creditors meeting to show my commitment, but I know this varies as I say.

The best person to ask is your own IP, please don't worry about asking them questions.

Also I don't think they would waste their own time draughting a proposal for you if it had no chance of success.
Have they given yo question to believe it may not be approved or is this you worrying??

Good luck

Your IP is really the only one who can answer that properly for you. In my own firm we ask for the first payment to be made at the time of signing the proposals, but other firms will no doubt have differing policies. We make sure that our clients are aware of that right at the outset, so that they can budget appropriately, and I am therefore suprised that your own IP has not yet discussed the timing of payments with you. A quick call would sort this out, and then you can start saving your pennies!

Hello Emma
i am just a terrible worrier.
I keep thinking it would be better for them to Bankcrupt us as we have equity in our House.
Just not sure how these banks work. Whether they think Bankcrupt them now and get the equity or wait.
By the way, love your Avator.

Thanks Melanie
We were sent a direct debit form.
Will speak to GT later and clarify.
We have money put by so we are prepared.

Best Regards
Karen

Karen

Try not to worry as your IP wouldnt be running with this if it was a lost cause. Remember there is an answer to every problem. (might not be the one we want to hear, always) but try not to stress yourself out too much. You will get through it all one way or another hunny.

Take care now. and good luck for the meeting.

Thanks Lily

Spoke to IP and it is a month after if IVA is approved.
Thanks Everyone

hi karen...we were asked to send a ch for first payment to "show willing" in time for the creditors meeting...which we did and then it was monthly thereafter....

hope all goes well

Thanks for reply
have filled in a Direct Debit form. No longer have a cheque book with my New Nat West Account so hopefully that counts.

Thanks
regards
Karen

We have no cheque book or debit card, and so had to sort out a standing order once our IVA had been approved. We had no problem.

Hi karenanne23,
I am with Grant Thornton and had my IVA approved on 29th Sept and I pay my first payment on the 29th October. I hope your application is approved and will keep my fingers crossed for you.
Good Luck


KLG