I’m about 4 weeks into my Iva, my first payment has left my bank but I’m still getting texts & letters from creditors. My IP said this is normal for 6-8 weeks but I can’t help but feel panicked by it as I’ve never been behind on payments before so it’s all new to me. How long did it take to stop for others going through Iva please?
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
6-8 weeks is normal, but don't forget the creditors can still send you some correspondence, and in fact are legally obliged to do so. These will be sent under the Consumer Credit Act 1974 and include statements, defaults/notices of sums in arrears and the likes of notices of assignment, if the debt is sold on. Usually nothing to worry about, but I would contact your IP if there's anything that gives you cause for concern, or threatens legal action/demands payments.
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?
They are obliged to send them out every 12 months.
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