Token Payment confusion.

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Broke of London

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Post by Broke of London » Wed Sep 29, 2010 9:15 pm
Don't jump. Try to think of the bullying letters and calls as a normal part of the process. You aren't being singled out because your case is somehow different and they won't affect the voting.

We've all been there and everyone has their own way of dealing with it. I received letters from most of my creditors saying I had defaulted/ they were taking me to court/ had passed my details to a debt collection agency etc etc etc. I just passed them on to my IP who responded on my behalf. Don't feel threatened into making any payments you are not comfortable with (and defo not at the expense of your tyres).

Maybe CCCSVA would speak to Co-op on your behalf as they are being particularly determined.

For the record, I didn't pay anything to my creditors once I had started IVA proceedings.
 
 

love hope and strength

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Post by love hope and strength » Wed Sep 29, 2010 9:29 pm
@broke of london when you say '.... I didn't pay anything to my creditors once I had started IVA proceedings' do you mean once you had given your chosen company the go ahead or once you had signed the proposal? sorry for the questions just trying to figure out what to do for the best.
 
 

Shining

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Post by Shining » Wed Sep 29, 2010 9:35 pm
I personally didn't pay my creditors from the day of my initial phone call to my IP. Others do deal with it differently and I would definitely mention your IVA (only my opinion). x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Wed Sep 29, 2010 9:36 pm
I paid nothing to my creditors at all once I had sorted out what I was doing.

It makes no difference to your proposal at all regardless of what creditor call centres say to you. They have no idea what is going on with you and no sway over the proposal so ignore all of them if they phone you.
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.
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Imhotep

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Post by Imhotep » Wed Sep 29, 2010 9:37 pm
Thanks folks!

I'm going to sleep on it, really drained at the moment :(
 
 

Shining

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Post by Shining » Wed Sep 29, 2010 9:38 pm
Chin up and remember we're all here for you xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

love hope and strength

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Post by love hope and strength » Wed Sep 29, 2010 9:40 pm
Lesley thank you so much, I value your opinion and I was thinking of stopping paying (all my accounts are up to date at the moment !) and building up a contingency is far better in the long run.

Here you are on the day you received bad news still offering advice and trying to help and reassure others.

I sincerely hope everything works out for you x

PS apologies to all for jumping on this thread seemed pointless starting a new one on the same topic
Last edited by love hope and strength on Wed Sep 29, 2010 9:42 pm, edited 1 time in total.
 
 

Shining

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Post by Shining » Wed Sep 29, 2010 9:45 pm
Ah bless you, I'm fine, I tend to get down have my temper tantrum, pick myself up and start again. I just keep thinking I'm healthy so a few debts can't get to me. We'll all be fine in the end as we're all striving to get to the same goal. You stay in touch xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Skippy

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Post by Skippy » Wed Sep 29, 2010 9:53 pm
That's the best thing about this forum, the way everyone supports everyone else x
 
 

Pennyless

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Post by Pennyless » Wed Sep 29, 2010 10:24 pm
Imhotep the bottom line is that if you cant afford to pay all of them pro-rata then dont pay one. It will not effect your proposal.

Whilst seeking my IVA I did continue making pro-rata payments to my creditors all the way to my IVA being accepted, however, there was no instruction from my IP to do so...I was simply instructed to pay what I could comfortably afford if I had sufficient money, which at the time I did.

I would however inform your creditors of your intentions on which method of Insolvency you are seeking, and give them details of your IP. I am surprised that you have yet to receive a standard letter from your IP to send to each of your creditors to inform them of your intentions.....this really can help to allay their fears regarding your current defaults. I found practically all my creditors were understanding of my predicement, after all Insolvency measures are now becoming more and more common and I dont doubt, in this current financial situation, that their use will become even more common.

In any event dont worry over any scare tactics by creditors, if they do resort to such measures simply put them on ignore.

Good luck

Pennyless
I came into this world with nothing and still have most of it left!
 
 

leaKybrain

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Post by leaKybrain » Wed Sep 29, 2010 11:16 pm
Just thought I'd add to this.

I only made the first phone call to Melanie last monday. Our payments are all up to date up to tomorrow. Friday being the 1st Oct means we will be missing our first payment.

We have decided not to pay any of the 5 creditors as we need to build a contingency and make sure we have enough for the first IVA payment. Of course any spare means we will have alittle bit in th bank for emergencies whilst we build up a contingency with our allowances. I've already sat down and worked out a possible savigns plan with the allowances/car costs etc., and done a calendar of when things are due to see how the money will hold out.

I've suggested to my hubby that if we don't recognise a number on the phone that we don't answer. if we do end up accidentally answering we are to just say, we are currently entering into an IVA and they will be hearing from our IP shortly.
 
 

kallis3

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Post by kallis3 » Thu Sep 30, 2010 9:03 am
Seems a sensible approach to me. Just don't get involved in any discussions with them.

You could always just refuse to answer the security questions, they can't continue if you do that.
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
 
 

Imhotep

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Post by Imhotep » Thu Sep 30, 2010 1:05 pm
Well, I've just been on the telephone to CCCSVA and they have told me that, based on the I&E form they have on file, we should increase our token payments to 20.00 per creditor. Nothing about pro-rata. A flat 20 quid per creditor.

No cotingency fund for us then it seems.
Last edited by Imhotep on Thu Sep 30, 2010 1:05 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Thu Sep 30, 2010 1:09 pm
You don't have to make any token payments if you don't want to. The vast majority of us don't.

It is what you feel comfortable with and if you want to build up a bit of contingency you should do so.

It will make no difference to the voting whether you pay or not.
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
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 30, 2010 1:18 pm
Not making token payments will not jeopardise your IVA. It should not take long to draft a proposal and circulate to creditors so there is no need to pay any. If the CCCSVA are taking too long to draft the proposal and you are having to make token payments to keep creditors happy you should think about going elsewhere.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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