Do I still pay my creditors

[fedup and broke]

Evening everyone, I am currently in the discussion about an IVA with debt Lifeboat, they are sending me out all the paperwork about my debts etc. One question I forgot to ask is do I still keep paying my monthly payments? As it stands currently I am £200 over my £1000 overdraft limit and being charged £20 per day for it. Should I pay money into the bank to reduce my overdraft limit? Also they are bouncing direct debits and charging me £35 each time - so at the end of it I will owe more than £1200 - also I am receiving calls daily about money I owe, should I make payments? It would mean borrowing money from my mother to keep my afloat. Important question that I just forgot to ask.
Sorry to witter on [:I]

[MelanieGiles]

You'll need to check that with the firm you have appointed as they may have differing policies with regard to this - and I am suprised that they have not discussed this with you already.

The main thing to bear in mind is that it rarely makes any difference to the outcome whether you pay ongoing payments or not.

[fedup and broke]

So therefore I should keep paying until I go for the IVA

[barbara.worthington]

hi

i believe that it would be ok to maybe pay token payments to each of your creditors.

i am still in the process, at the stage of sending my proposal back.
i did make a token payment of £10 to each of my creditors i dont think you need to though but should be seen to being fair to each of your creditors.

an expert will be a long soon to advise you

try not to worry you will get things sorted

barb

[fedup and broke]

thanks barbara - its something that is so significant but completely slipped my mind )

[barbara.worthington]

there is a lot to take in - but any thing you are unsure of - just ask there will be someone on here who will be able to answer you

good luck with your journey

barb

[emma_t]

Hi fedup and broke

I did not make any payments to any of my creditors along the way as I was in such a mess by that stage.

This may have ment I got more phone calls from creditors asking for payments, but did not affect the result as my iva was approved.

I would ring debt lifeboat and ask what they advise you do, but they really should have advised you on this matter already.

Hope you get it sorted
Emma x

[barbara.worthington]

forgot to say - i would ring your bank and cancel your direct debits that will reduce your bank charges

barb

[sblack]

Hi,
Personally we did not make any token payments during our IVA application and proposal. One of our creditors did not even add any interest or late paymnent fees. But take advice from your own IP.

[fedup and broke]

thanks all, I will call them first thing and ask x