Date of first payment

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Coline81
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by Coline81 » Tue Oct 24, 2017 2:06 pm
Hi I’m awaiting my proposal documents to sign before they go to my creditors. Say the meeting is the middle of nov when would I make my first payment. Am I able to set a first payment date for say start of December? Thanks
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Foggy
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by Foggy » Tue Oct 24, 2017 2:11 pm
Many firms want the first payment in hand at the time of the meeting, but most will agree to getting it afterward, as long as it is within a few weeks of the meeting. My meeting was the 10th of December and my first payment was 3rd January ( couple of days after pay day).
Coline81
Posts: 20
by Coline81 » Tue Oct 24, 2017 2:14 pm
Phew...thanks....I will definitely need to wait for November pay day (28th) to make the first payment if the proposal is accepted. Haven’t even received my paperwork yet so the creditors meeting is a few weeks off at least.
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Lisa Thomas
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by Lisa Thomas » Tue Oct 24, 2017 3:43 pm
Read your terms - usually say one month after IVA put in place.
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kallis3
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by kallis3 » Tue Oct 24, 2017 4:40 pm
I made mine after payday once the creditors meeting had been held - it is usually within 28 days.
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