do i still have to make the minimum payments

[1tramp]

Hi
i have just started the process of an iva, which involes 4 credit cards , do i still have to make the minimum payments on these cards.
thanks

[iva experts]

Welcome to the Forum!

In the IVA process no creditor can be treated preferentially, so be careful, if you pay one creditor you must pay the others with the exact same amount. Due to this maybe it is better not to pay your minimum payments until your IVA is approved.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[MelanieGiles]

Can I just clarify that you do not pay creditors exactly the same amounts, but the same percentage payment pro-rata to the debt due.

So if you owe one creditor £1,000 and another £2,000, and you have £300 per month to spare. The first creditor would get £100 and the second would get £200.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
Also take advice from your IP as many tell you not to make any payments.But if you do,as Melanie states, do it pro rata and I would pay so much[£1-£10] per £1000 owed to each creditor.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

Take advice from your IP on this. If they are happy for you to stop paying your creditors then they will let you know. Otherwise you should attempt to pay your creditors pro rata to the percentage of debt that they are owed.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp