Applying for an IVA, do you still have to pay lenders until IVA decision is made?

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Chunky

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Post by Chunky » Tue Aug 18, 2020 9:22 pm
Hi,

As title really, is this a requirement to pay whatever you can to lenders while your IVA is processed / So if lenders try to call and ask for payments, are you safe to decline and state that you have applied for an IVA?

Thanks for any help.

kallis3

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Post by kallis3 » Wed Aug 19, 2020 6:39 am
You don't have to pay and you can save that money for an emergency fund once the IVA is accepted. Some people made token payments but I never did. If creditors call, jut refuse to answer the security questions and they cannot continue. If you have any online banking/credit cards, go into them and remove contact details.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Foggy

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Post by Foggy » Wed Aug 19, 2020 8:39 am
As Kallis says ... many of us paid nothing and built up a modest emergency fund ( which you will use! ). Some paid token amounts, which mean very little.

If you set the payments aside and the IVA didn't get through, you could still then play catch up while considering your next move, so don't blow the money !

Creditors who call --- this will usually be from a collections centre who know nothing and will say anything to get some money out of you --- do not buckle. If they push it all they need to know is the firm dealing with the IVA proposals details .


I had very few calls: The AA wishing me luck (!), some person I played 'cat and mouse' with and a young lady from Mumbai with a captivating accent (actually I enjoyed chatting to her!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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