www.iva.co.uk

Hi, I have to pay my credit card bill soon, but can only afford to give them £5.00 towards it as a token payment. the only thing is that I haven't got a cheque book. If I ask my parents to write a cheque out and I give them the cash the credit card company won't be able to take any other money from my parents account will they? I have £4700 on this credit card and they are not going to like to receive £5.00. Just get worried when it involves someone else, but have to pay something towards it.

Hi bouncy ball you could get a postal order if it made you feel better... making token payments however doesnt really make any difference to the end result if you are going for an IVA.

Hi there

The credit card company WOULD NOT be able to take money from your parents by them writing a cheque for you, but if it makes you feel better pay in cash using the payment slip in a bank or get a postal order.

Have you informed the company that you are going to make a token payment only?

Good luck

Are you going for an IVA? If so has your IP advised you to make token payments - some do and some tell you to stop making payments altogether.

If you're going to make token payments you need to make sure that you pay each creditor pro rata:

If you owe creditor A £100 and creditor B £200 you would pay A £5 and B £10.

Regarding the cheque, I can't see any way that the credit card company would be able to take the money from your parents' account.

They certainly won't be able to take it.

I have heard with postal orders that some banks refuse to accept them and have sent them back.

As Emma says - go into the branch (or get someone else to do it if you don't want to - I would totally understand that!) and pay cash.

Hmm...

[:p]

If some banks refuse Postal Orders and send them back then that's probably a good form of payment. At least you can confidently say you tried to give them the money but the just did not want it...

[:D]

More seriously, I personaly have chosen not to make any token payments. This was because the likely sums involved are hardly worth it and anythng I do have left is being used to try and build a contingency. It just so happens that this was the best thing I did as I recently had a huge vet's bill and needed to fix something on my car!

I firmly believe that having a contingency is more important than trying to satisfy debt management call centre staff attempts to get a bonus!

Cheers

Andy

Understandable Bouncyball.
I choose to make token payments to my creditors during my IVA process. As everyone says, you don't have to do this. I just set my token payment to everyone £10 per month. Most of my creditors were happy with this except MBNA, but i stuck to my guns and only paid them £10. Funnily enough, MBNA are the only ones who wanted more and chased me aggresively for extra.
You can take the paying in slip to a bank and pay the bill that way. Do you have a card (Not Credit Card)you can pay by the banks automated system or pay online.
Good Luck

As soon as we were told we could apply for an IVA, all payments were stopped. It makes no difference to whether or not you are accepted.