www.iva.co.uk

I have started my process of an iva i have given all my documentaion in just waiting for the proposal. In the meantime im just wondering shall i ring all my creditors and see if i should make a token payment or ask for a abit of a grace period?

You can do - some of them will give you a couple of weeks. I suggest if you have any online accounts you go into them and delete contact numbers.

Your IP will inform them once the proposal has been signed. You can either head them off or wait to see who calls you. Token payments or none at all will make no difference to the outcome and it is entirely up to you.

Yes i have taken my contact number off the online accounts.
Im just thinking it will look bad if i just stop paying them without telling them if you know what i mean

Aisha wrote:

Yes i have taken my contact number off the online accounts.
Im just thinking it will look bad if i just stop paying them without telling them if you know what i mean

I would guess that is what most of us did -- certainly I did.

So it wont look bad if i just dont tell them and just stop paying
Will it make any difference?

No it won't - I didn't make any at all.

I didn’t make any either!

Thank you for advice

Hi I had never made any payments to mine was up too date just stopped the direct debits and my iva was approved in 4 weeks from start to finish

I have stopped the direct debits
Just hope the iva gets approved before the bailiffs arrive

Bailiffs are unlikely to turn up. Your creditors will be informed of your application. If Debt Collectors turn up, (not the same as a Bailiff) You do not have to answer the door or speak to them. You will find you get a fair few letters.

Any phone calls -- just tell them you are entering an IVA and they can speak to McCD if they feel so moved. Don't get into any discussion.

Yes that is want i am going to do.
Thank you

Making token payments will not improve your chances of success and creditors usually put things on hold for a month once they are made aware of the IVA. However if for example you are paying a bailiff to keep them at bay it would be worth making the required payment on this debt for peace of mind.