As title, is it okay for me to write to all my creditors and show them my total income & total debts and how much I can afford to pay them each (pro rota), and then send that letter to all of them?
And is it safe for me to also inform them I plan to apply for an IVA or should I keep that to myself?
Hi Chunky, where are you in the process so far? Once I had given all my info to Stepchange and rbw proposal was being drafted / creditor meeting date set I did them write to each of the creditors detailing that I was going into an IVA, the reference they had given me for creditors and the token payments I could make to each creditor. Most of them were very supportive and accepted it immediately based on the letter alone allowing reduced payments for between 3-6months before they would take action to recover the debt. I did get further correspondence back from First Direct though wanting me to fill in more forms for them. I never bothered to reply. I had already set up direct debit repayments for the amounts I said I could pay.
I never contacted any of my creditors at all, left it to my IP. I never made any payments at all, used the money to build up a bit of an emergency fund.
Some people do make token payments, it is totally up to you. What I would say is that if you have online accounts, go in and remove phone numbers which means you won'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
In most cases this sort of thing is left to the IP provider to do once they have calculated your income and expenditure correctly and within the already agreed guidelines. You are going to poke a sleeping bear with a stick .. don't wake him up first !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
