i start my first IVA payment tomorrow but i also have a loan payment due tomorrow and my creditor meeting is not until the 9th July so do i still pay the loan payment for this month
Personally I would pay neither the loan payment nor the IVA payment, although it might be too late, now, to stop them if they are automated payments.
Many of us stopped repayments on debts once we had started on the IVA route, some made token payments. This allowed us to build a small nest egg for emergencies. As for the IVA payment ... your creditors have not met and have not accepted your proposal, so there is no payment yet due. Some IP's like to have that "first payment" in hand before the IVA starts, but it is, by no means, obligatory. Most of us made the first payment after the meeting.
If you could reasonably afford to make debt repayments and the IVA payment you would not be needing an IVA in the first place !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I stopped paying my creditors as soon as I applied for my IVA. My Iva company suggested making token payments if I could afford too but I never did. I would totally agree with what Foggy has said. The fact you are entering and IVA suggests you can’t afford the loan payment, and definitely not both the loan and the IVA payments together. Obviously different IVA companies operate differently, but mine did not require a payment until after the IVA was approved at the creditor meeting, and even then they gave a month to make my first payment (which was a huge relief). If I were you I would pay neither and only pay the IVA payment once your IVA has been approved.
