Should I try and pay a token amount ?

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carron
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by carron » Tue Nov 14, 2017 12:11 am
I have signed my paperwork in last few days. DD are not due until beginning of December. Some are calling as not paid this month but I am telling them i am in process iva. Should I try and pay a token amount?
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luluj
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by luluj » Tue Nov 14, 2017 2:05 am
No ... use this time to build a contigency that will be your saving grace when in the iva. As your creditors are noe informed of your pending iva there is no point paying anything further - you will receive calls but do as you have already done and refer to your iva proposal - many of the teams that call you will not know about the iva proposed ...if they are difficult to shake off simply.don't answer the security questions.
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Foggy
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by Foggy » Tue Nov 14, 2017 7:57 am
I agree with the advice Luluj has given. We get no credit (pun intended) for making token payments and it is better to have a little set aside for emergencies, rather than throwing it away to creditors for no good reason.
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kallis3
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by kallis3 » Tue Nov 14, 2017 8:50 am
I agree - I made no payments at all for a couple of months before my IVA
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Lisa Thomas
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by Lisa Thomas » Tue Nov 14, 2017 10:05 am
No point - you are about to enter an IVA and all your creditors will be written to, if they haven't already. You will want to save the funds ready to make your first contribution (if applicable).
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MerlinL14
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by MerlinL14 » Tue Nov 14, 2017 2:46 pm
Also a No vote from me. You are not shortening the period or reducing the deficit so take this opportunity to stash away as much as possible, not that it will be a substantial amount. It will however act as a buffer as you learn to budget now you are effectively on a fixed income. Good luck.
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admin
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by admin » Tue Nov 14, 2017 3:05 pm
Message received from Carron - posting on her behalf:

Thank you this site is so useful.

My credit meeting is set 29.11.17. So worried.

It's fallen where all my DD are due to come out. I have given details so the iva money will come out and i can't afford 2 lots of money. So hope I get accepted.
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kallis3
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by kallis3 » Tue Nov 14, 2017 3:12 pm
If you have online accounts I suggest you go into them before your meeting and remove contact details.
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Lisa Thomas
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by Lisa Thomas » Tue Nov 14, 2017 3:34 pm
Your meeting has already been called so creditors will have been notified of the proposed IVA.

In addition standard terms are usually that your first payment is not due until after 28 days after the start of the IVA.

DD's should be cancelled and your Nominee should have been able to answer these queries for you.
Karenj
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by Karenj » Tue Nov 14, 2017 6:39 pm
My IVA was approved at the beginning of the month, my first payment is not due until the beginning of December. I didn’t pay anything during October to my creditors I informed them all I was going through the IVA process and they were all understanding and helpful!

I agree with everyone else put the money to one side for emergencies it will come in useful in the future.
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