www.iva.co.uk

i have a date for my creditors meeting 14th June.. i have minimum payments that are due to my credit cards before this date, do i make them as normal?

It is up to you. Some make token payments, some the minimum payments, whilst others make no payments at all and put the money aside in case the IVA is rejected, in which case you have it to catch up. If the IVA is accepted you have a little emergency fund.

I never made any - as Foggy says you can build these payments up as a contingency fund. Be aware you may get calls from creditors but let them know what is happening. In the meantime, if you can and have online accounts, go in and remove contact details so at least you don't get any calls.

Thank you, just feel a bit bad if i dont pay anything because what if they dont agree to the IVA? I suppose i could make a very small payment?

Also what about creditors that automatically go out via DDebit before creditors meeting, should i let them go out as normal or cancel the Direct Debit?

Many Thanks

As soon as I decided on the IVA I stopped all payments and all direct debits / standing orders.

just scared if i stop my payments whether that will have an effect on their decision on the 14th June?

It will not make any difference - I made no payments to mine at all and it went through and I saved the money for payments into a small contingency fund. I know how scary this is but rest assured your company would not be putting this forward unless they thought it would be accepted.

Thank you for these comments they have been very useful. I stopped my payments today and my meeting is Friday. So nervous

Let us know how you get on.

will to thank you, i am slightly embarrassed as i had a joint iva with my husband in 2006, i didnt realise you could have another one!

However i have found myself in this position due to a split with my husband and having to find a house to rent and set up a new home for myself and my 17 year old son, got myself in a bit of a mess and didnt know what else to do.

There are lots of people who find themselves in the same situation through no fault of their own, especially with the way things are at the moment. Nothing to be embarrassed about.

Making any token payments will have no beneficial impact on any creditor meeting. Genuinely think any monies should be set aside for a contingency fund.

Going for an iva usually means you are out of options and cannot continue to meet your payments, it certainly was for us.

Best of luck.

Paul

Hi All, ive spoke to my my IP and hes said to '''''make minor payments to your creditors between now and the meeting date, that can be whatever you feel is affordable'''''''.
The thought of cancelling Direct Debits feels really bad, i feel like if i do that there will be someone knocking on my door asking for money!!

When I had my information gather with stepchange some years ago, the guy I spoke to said I should live to my new budget whilst waiting and make pro rata payments, my IVA payment was to be £275, so he told me to work out percentages of debt and pay them accordingly - I scratched my head over the sums and did this - and now I regret it! My info gather was Sept and for whatever reason the creditor meeting was mid Nov, so at the start of October and November I paid out money I could have kept as a cushion. If I had heard the words "token payment" I would have paid a quid to each of them and kept the rest.

Again, it is up to you but I made none and had no problems at all.