www.iva.co.uk

Hi I am just about to try for a iva some one is coming Monday to scan my paper work do i still have to carry on paying the creditors which i cant really afford to y I waight to see if i am excepted for iva

Part of the process will be to stop paying and dealing with the pressure until the iva is agreed.

If the company you are using has c and f in their name I would consider using someone else.

Hi and welcome,

Agree that you don't have to carry on paying the creditors.

Which company is it? Make sure that you are happy with them.

Speak to one or two more. Andy Davie/Vincent Bond (details under the expert link on the left hand side of the page) can be contacted for some free advice.

In answer to your posting - I personally did not pay any creditors when I decided to proceed with my IVA. Built up a contingency for when my IVA began.

I would stop paying given the IVA proposals are about to go to creditors.

I stopped paying my creditors once I'd decided I was going for Iva put the money aside as a small fund for extras whilst in your Iva

You will need to stop paying creditors once the IVA process starts, and like others have said put the money away for a contingency (my boiler needed repairing a couple of weeks before my IVA was approved so it definitely came in handy). Your creditors will start hassling you once payments have stopped, but tell them you're starting an IVA and they should back off. Good luck, it's a massive decision to make but you're doing the right thing, it was the best decision I ever made.

Once you have spoken to your IP and decided to go with the iva,then stop paying your creditors,get a new bank account that you don't owe money to (we went with nat west).
When the creditors start to call you just tell them that you are going into an iva,tell them the company which you are settling the iva up with and they should back off.Also tell them that they must deal with the iva company from then on