I have done a debt remedy with step change and been researching IVAs and think that this is our only option. I also feel that this is the wake up call and lifestyle change we need.
Do I start defaulting on minimum payments now? Most are due 1st Feb. They would be paid using overdraft facility. Would this be a negative or positive in our IVA application? So far we have kept above water and met all payments.
I don't know what to do foe the best.
You need to start taking some advise from insolvency teams to ensure the iva is the right option over say bankruptcy. Talk to 2 or 3 companies and then agree to go with one and have a solution proposed to creditors.
Once it has been proposed stop making payments to creditors and use this time to build a small contingency with the money you are then saving from not paying your creditors. Creditors know that once an iva is proposed monthly payments tend to stop.
Where possible maintain your household expenses such as mortgage, utilities and council tax - stop the credit cards and loans. You need stopped all rather than some as you would not want to be seen treating one differently.
Good luck and let us know how you get on.
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