Hi All, I’ve had my initial call with step change, gone through my debts and budgets and what I can afford to pay to an Iva. I have a further referral call with them on Saturday alongside my husband (joint Iva) after that they will pass to pay plan to get the ball rolling. My next debt bills are due next week, I obviously can afford to pay them without getting in more debt. What would be the advice here? Can I go ahead and cancel my direct debits on the basis of trying to get an Iva even though it’s not yet approved? Thanks!
I personally would pay only the minimum until such time as you have agreed your drafted proposal document and you are waiting for a creditors meeting date.
Once you have the draft proposal your creditors will have been informed by your IVA company
Use this time to build up a small contingency for emergencies
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Personally I would not pay anything and use this money to build up a contingency amount - you never know if you will need it. If you have online accounts, go in and delete contact details so you should not receive any phone calls.
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. http://kallis3.blogs.iva.co.uk
Payplan are one of the minority of companies that use whole of family income to support the payments - so even if just one of you went into the IVA, the other would still be expected to fully support the other partner IVA in repaying their debts, even if they have their own.
If you have adult children working, they would also be expected to contribute.
If you are being passed to another organisation, I would recommend shop around.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
