Uneasy not paying creditors before meeting

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Mel2021

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Post by Mel2021 » Sat Jun 26, 2021 7:03 am
Hello everyone
I have recently applied for an iva one of the hardest things I have ever had to do...
I ask you this do I have to contact my creditors and let them know or do I wait till my meeting which is set for July 12th
I am so unsure I have been told not to pay any if I can't etc I have never defaulted on any of my cards or my loan It just doesn't seem normal not to pay...I have already set up a new bank account so I don't really want to pay them through this etc
I know I can't afford to pay them but like I say it don't feel normal to not do this
Any advice would be appreciated 🙏

kallis3

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Post by kallis3 » Sat Jun 26, 2021 7:27 am
Hi,

You don't contact your creditors at all, leave it all to your IP. You also don't have to pay them, most of us used this money to build up a bit of a contingency fund in case of emergencies as they inevitably will happen at some point! Some people have made token payments, I didn't and it made no difference to the voting. If you have any online accounts with your creditors I suggest that you go into them and remove contact details so that you don't get any phone calls. If you receive any letters just forward them to your IP company.

Good luck for the 12th and let us know how you get on.
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

Foggy

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Post by Foggy » Sat Jun 26, 2021 8:26 am
You have never defaulted and it feels awkward to do so. But ... the IVA will default all accounts anyway.
So, you have a choice: Make the payments as best you can and empty your bank account and reserves. This will, basically, be money flushed down the loo.
Or, you can make token payments. Again the toilet pan beckons.
Or, as many of us did, put the money aside for the inevitable emergency. It is also there if the IVA isn't accepted, to play catch up if you feel the need to.

Best of luck with your meeting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

SteveUK

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Post by SteveUK » Sat Jun 26, 2021 10:03 am
And remember, if any creditors start hassling you over the phone just refuse to answer security questions then they can't continue the call. I got very good at saying "Sorry I never answer security questions on incoming calls"

Mel2021

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Joined: Sat Jun 26, 2021 6:21 am

Post by Mel2021 » Sat Jun 26, 2021 11:14 am
Hi
Thank you for the advice I am currently looking at some of my creditors and removing my contact details I have already got new bank account and putting there dollar aside for rainy day so to speak and for any other emergencies..
Never thought I would have to do this my debt is 17500 what are my chances of receiving an iva I am so nervous for the 12th July so glad I have found this forum...
Thank you :D

kallis3

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Post by kallis3 » Sat Jun 26, 2021 11:21 am
Your company would not put your proposal forward if they did not think there was a good chance it would be accepted. Which company are you using?
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

Mel2021

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Joined: Sat Jun 26, 2021 6:21 am

Post by Mel2021 » Sat Jun 26, 2021 3:55 pm
Hi
I am using Abbotts insolvency through all my advice etc from helplines & debt management & other stuff online & citizens advice they came up as the top one's & they have really been very helpful & understanding I do hope they are the correct one too go for but we will see its been OK so far..
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