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Hi for the last few months overdrafts have been used to make payments on loans and credit cards. I am getting everything together for an IVA but am not sure whether to cancel all payments to creditors or not. I've been told I can make nominal payments if I would like but isn't that showing preference?

The best thing to do is to contact a debt expert asap and make sure that an IVA is the best solution for your individual circumstances. If an IVA is the best route for you then you will be advised when you can stop paying your creditors.

In the mean time, if you don't have the money to pay your creditors in full I would recommend paying nominal payments as and when you can.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi kelse

There is no problem in making token payments to yuor creditors, but make sure that they are paid in equal proportion to the amount you owe the creditors, and that you are not increasing your overdraft by doing this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk