www.iva.co.uk

I have never missed a payment, ever, to anyone in my whole life but I have no money left. I am in the process of applying for an IVA (I will have about £800 disposable income monthly for a £110,000 unsecured debts) but my potential IP has said to pay my creditors 10% in the meantime. Won't they go ape****?? Should I not try to meet my payments until the IVA is in place?

Hi Linda

If you can afford to make token payment to your creditors whilst an IVA is being prepared for you then I think the creditors will be delighted. The fact that you have paid everyone on time in the past, is probably because you have been relying upon additional sources of credit to do so, and if you could afford to make the contractual repayments in the meantime your creditors will wonder why you are proposing an IVA at all - and will probably reject it.

Go with the advice of your IP - they are the experts and presumably know what they are doing.

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

Hi Linda
Do as your Ip has said. I was told not to make any payments, it varies from one company to another. Yes you will get calls but just give them the ref no etc and dont worry. The calls tend to stop when they get the proposal, dont be drawn in to paying one as this would be seen to favour that creditor over the others. Try not to worry what you have been told is the norm. All the very best for your iva .Hope to hear how you are getting on.

Ang

Thanks for that. The idea still horrifies me. Sorry about the ape**** comment [:)] I am actually a moderator of a nursing forum where references to faecal outpourings are OK [:D]

Hi Linda,

I think that it definitely wouldn't harm your situation if you did decide to make token payments to your creditors.

As Melanie has stated if you continue on making you contractual payments it could look as though you can afford to keep making these payments.

Hope this information is of use

Regards. IVA Experts

Hi again Linda
Try not to worry, I was the same had never missed payments and to suddenly stop was scary, but I was reaching a point where I would have started to miss and the threat of losing overtime which we lived on and the fact that he had a heart attack, we needed the pressure removing and an iva has done that for us. We were insovent for a long time just surviving by suffering ourselves and overworking. We still do overtime and pay 50% into the iva but at least we now know we dont have to and the bit extra we get to spend on ourselves instead of to creditors. So pay the 10% that your ip has told you and try not worry. Any letters from them pass on to your Ip.
Keep posting to let us know how you get on and ask any questions you want and have a rant if you feel like it. Someone will always help.

Ang

As the other experts have stated, take your IPs advice on this matter.

Best Regards
Oliver

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

Ok first creditor not paid today. Many more to follow [:(]

I am in a state of perpetual anxiety worrying about my debts

Linda
Try not to worry read some of the posts from today and see how much better some are feeling. I know exactly how you are feeling, these are the worst few weeks to get through, be strong and dont let it get to you. If you get calls be polite hand them over the ref no and your company and check they have logged that they have spoken to you and they shouldnt ring again that day. If they get to you come on the forum and we will all support, it helped me immensley at that time, even though I wasnt brave enough to post just reading helped me through.

Ang