I am in the process of starting an IVA I have debts with 3 credit cards, Very, DFS and ratesetter totaling £9000
I've never missed any payments and have always managed my own finances however due to my interest free payments ending on my MBNA credit card (£4500 owed) the payments went up to £150 a month gaining £110 interest every month and my wife recently having our baby and having her hours reduced at works make the payments un-affordable for us.
My question is, I range the IVA company yesterday and they said that I had a really good chance of getting accepetd and started the process where the contact the creditors for approval (Witht he exception of shop direct, as I'd recently spent on there) all the creditors looks to accept when they ran the credit check report thingy majig!
My payments are due on the 4th May totaling in at £300 I can afford this but it would leave me with virtually no money for the rest of the month. My IVA adviser said it was my decision to default on payments this month in Lieu of being accepted for the IVA? my worry is that I won't be accepted and then I'll gain the missed payments charges etc. Like I said I've never ever missed payments in the last 3 years and don't want t start now but see no other option!
On the question of whether to pay in the meantime .... most of us stopped regular loan repayments once we had decided on the course we wished to take. Some made token payments and a few even made full payments -- in the grand scheme of things, it makes no difference to the outcome.
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