Do I continue to make minimum payments?

Get expert opinion. This is the place for new questions to be posted.
15 posts Page 1 of 1

Jo98

User avatar
Posts: 25
Joined: Wed Nov 14, 2012 5:21 pm
Location:

Post by Jo98 » Wed May 26, 2021 12:32 pm
i have a date for my creditors meeting 14th June.. i have minimum payments that are due to my credit cards before this date, do i make them as normal?

Foggy

User avatar
Forum Expert
Posts: 33037
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed May 26, 2021 12:56 pm
It is up to you. Some make token payments, some the minimum payments, whilst others make no payments at all and put the money aside in case the IVA is rejected, in which case you have it to catch up. If the IVA is accepted you have a little emergency fund.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

User avatar
Forum Expert
Posts: 76913
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed May 26, 2021 1:47 pm
I never made any - as Foggy says you can build these payments up as a contingency fund. Be aware you may get calls from creditors but let them know what is happening. In the meantime, if you can and have online accounts, go in and remove contact details so at least you don't get any 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

Jo98

User avatar
Posts: 25
Joined: Wed Nov 14, 2012 5:21 pm
Location:

Post by Jo98 » Wed May 26, 2021 2:20 pm
Thank you, just feel a bit bad if i dont pay anything because what if they dont agree to the IVA? I suppose i could make a very small payment?

Also what about creditors that automatically go out via DDebit before creditors meeting, should i let them go out as normal or cancel the Direct Debit?

Many Thanks

Foggy

User avatar
Forum Expert
Posts: 33037
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed May 26, 2021 2:43 pm
As soon as I decided on the IVA I stopped all payments and all direct debits / standing orders.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Jo98

User avatar
Posts: 25
Joined: Wed Nov 14, 2012 5:21 pm
Location:

Post by Jo98 » Wed May 26, 2021 3:21 pm
just scared if i stop my payments whether that will have an effect on their decision on the 14th June?

kallis3

User avatar
Forum Expert
Posts: 76913
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed May 26, 2021 4:23 pm
It will not make any difference - I made no payments to mine at all and it went through and I saved the money for payments into a small contingency fund. I know how scary this is but rest assured your company would not be putting this forward unless they thought it would be accepted.
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

Worried2021

Posts: 11
Joined: Sun May 23, 2021 9:57 am

Post by Worried2021 » Wed May 26, 2021 5:11 pm
Thank you for these comments they have been very useful. I stopped my payments today and my meeting is Friday. So nervous 😬

kallis3

User avatar
Forum Expert
Posts: 76913
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed May 26, 2021 9:50 pm
Let us know how you get on.
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

Jo98

User avatar
Posts: 25
Joined: Wed Nov 14, 2012 5:21 pm
Location:

Post by Jo98 » Thu May 27, 2021 8:04 am
will to thank you, i am slightly embarrassed as i had a joint iva with my husband in 2006, i didnt realise you could have another one!

However i have found myself in this position due to a split with my husband and having to find a house to rent and set up a new home for myself and my 17 year old son, got myself in a bit of a mess and didnt know what else to do.

kallis3

User avatar
Forum Expert
Posts: 76913
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu May 27, 2021 8:15 am
There are lots of people who find themselves in the same situation through no fault of their own, especially with the way things are at the moment. Nothing to be embarrassed about.
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

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Thu May 27, 2021 2:01 pm
Making any token payments will have no beneficial impact on any creditor meeting. Genuinely think any monies should be set aside for a contingency fund.

Going for an iva usually means you are out of options and cannot continue to meet your payments, it certainly was for us.

Best of luck.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

Jo98

User avatar
Posts: 25
Joined: Wed Nov 14, 2012 5:21 pm
Location:

Post by Jo98 » Thu May 27, 2021 2:48 pm
Hi All, ive spoke to my my IP and hes said to '''''make minor payments to your creditors between now and the meeting date, that can be whatever you feel is affordable'''''''.
The thought of cancelling Direct Debits feels really bad, i feel like if i do that there will be someone knocking on my door asking for money!!

Mrs_Brown

User avatar
Posts: 199
Joined: Wed Jan 03, 2018 5:06 am

Post by Mrs_Brown » Thu May 27, 2021 3:17 pm
When I had my information gather with stepchange some years ago, the guy I spoke to said I should live to my new budget whilst waiting and make pro rata payments, my IVA payment was to be £275, so he told me to work out percentages of debt and pay them accordingly - I scratched my head over the sums and did this - and now I regret it! My info gather was Sept and for whatever reason the creditor meeting was mid Nov, so at the start of October and November I paid out money I could have kept as a cushion. If I had heard the words "token payment" I would have paid a quid to each of them and kept the rest.

kallis3

User avatar
Forum Expert
Posts: 76913
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu May 27, 2021 6:42 pm
Again, it is up to you but I made none and had no problems at all.
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
15 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”