First IVA payment

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Itsallouttherenow
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by Itsallouttherenow » Sat Mar 24, 2018 11:08 pm
Hi all.
Our IVA is in the process of being drafted. I have been told that if our creditors accept our prosposal a payment will be due immediately. In other words they will take the first payment by debit card on the day of the creditors meeting if we get a YES vote (everything is crossed!).
Is this standard practice?
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J5453
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by J5453 » Sun Mar 25, 2018 7:24 am
Hi there,

I can’t comment on whether it is standard practice but I’m with Payplan who did take first payment over the phone from me after the initial creditors meeting. That was 6 years ago but still remember them doing exactly that.
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J5453
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by J5453 » Sun Mar 25, 2018 7:29 am
Just checked my payment history online, they took a payment on the 3rd of the month over the phone then my DD came out on the 16th of the same month which was then my usual DD date for the rest of the life of the IVA.

Good luck with the meeting.
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kallis3
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by kallis3 » Sun Mar 25, 2018 8:33 am
I made an arrangement to pay on my payday - as long as it is within 28 days I believe you are ok.
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Foggy
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by Foggy » Sun Mar 25, 2018 9:00 am
Some firms do this, but it is not standard practice. Most will allow you to arrange payment within 28 days to suit your budgetting schedule and salary payment dates. Even those that expect the payment right away usually agree to a more convenient date. Have a word and, if they are that inflexible / unhelpful as to refuse take it as s sign of things to come and act accordingly.
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Lisa Thomas
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by Lisa Thomas » Mon Mar 26, 2018 8:39 am
It's up to you what payments you propose, but the standard term is first payment within 28 days of IVA being approved.
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