IVA and TOKEN PAYMENTS .. HELP !

[puffa]

Ok to start with in July I approach a quality well known debt management consultants for advice on my debt dilema the lady kindly advised that an IVA would be the best way to go with mine and my partners joint debts of 41500, to 12 creditors, our 1st IP let us down as they were including un guarnteed overtime in the proposal and said i was earning to much even though the OT is now not available, so six months have passed and our second IP has said that our propsal needs quality control checking and should be with us in January hopefully they mean 2008, my question is I have just got off the phone from Mercers Debt consultants who act on behalf of Barclaycard they are politely saying that they cannot hold the account any more as no payment have been made for six months and it will be passed to a local doorstep collection agent,, however a token payment of £12 would stop it for 4 weeks and they could hold the account.

Do i pay or risk someone at the door ?? they also advised that this was the norm with IVA proposals and would NOT jeopardise my IVA and i should be making token payments to all my creditors until the IVA is approved, Is this true ??? i am so confused and worried not to sure whether to pay token payment or not, but am really scared of someone coming to the door before my proposal even drops on the mat for us to read check and sign,,

IVA was meant to help us and i feel worse now than when i was working 80+ hours a week to rob peter and pay paul....

Sorry to waffle needed to get it off my chest

[OPTIMIST12]

Hi Puffa -

I know there is often debate about the pros and cons of token payments on the forum. I myself did make one set of "pro-rata" token payments at the initial stage of seeking advice but I was lucky in that my proposal was prepared and agreed very quickly.

Have you been keeping the money you would have paid to creditors over the last 6 months in a savings account? I guess you may need to pay this into your IVA anyway - I may be wrong??? so it would be best to check with your new I.P. what is best to do. Can only sympathise with you over your long wait - am sure others will be along with advice later.

I hope your proposal is ready soon - and Good Luck!!!

PS. Try not to worry - (easy to say I know) but I think very very few people ACTUALLY get doorstep callers.

All the best to you.

[keh]

Hi Puffa,

First thing is to ask your IP about token payments.

My IP told me not to make any payments and to refer the creditors to him.

Hope this ease's your worry a little bit

Keith

The long and winding road will straighten out eventually....keep the faith

[MelanieGiles]

A good IP can turn your proposal around in 24 hours if necessary, so try and find out what is causing the delays. Surely it is the IP's job to do "quality controld" when they are reviewing the final proposal.

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
Makes you wonder just who is putting the proposal together in the first place,bet it's not the IP ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[emma_t]

Hi puffa

My proposal was drawn up within a week of my first contact with my IP, I would find out what is causing the hold ups and get them to give you a definate date when you should have it by.
It is stressful enough going through this process without having to wait that long.[:(]

With regard to token payments, I think you need to take advice from your IP as to what to do as you don't want to be seen to prefer one creditor from another.

Good luck and i hope you get news very soon

[puffa]

I have been keeping the monies for my IVA payments as eventually i am sure i will need to pay them to someone, just gravely concerened about the time taking to put the proposal together, Creditors are pushing for the creditors meeting date, will the delays change their thought process as to whether to accept or reject the proposal ?

[couple31]

As others have mentioned, our proposal was prepared in 24 hours

So that sort of delay seems very strange to me. I'd put the pressure on them a bit.

[MelanieGiles]

The delays are unlikely to bother creditors too much, but you are the one who is under the stress and not them. Which particular IP firm are you using? I suggest that you give them a call in the New Year and find out exactly what is going on.

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

[puffa]

My IP i am using is a company called Grosvenor Partners.. hope this helps, will need to get the pressure on after christmas by the looks of it

[MelanieGiles]

OK - I know the IP at Grosvenor Partners personally, and he is a very hands-on IP so I feel that you are in good hands and that your IVA proposal will be ready soon.

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

[Martin2011]

Hi Puffa, sounds like it's probably under control, so hope worrying isn't spoiling Christmas too much.

Best of luck getting your date and proposal agreed and here's to a great 2008!

Martin

[puffa]

thanks Melanie for you words of support, I shall sit tight and wait for the proposal in early January,


Thanks

Steve

[markss]

has any one heard of clearstart? they are sorting an iva out for me.

[MelanieGiles]

They are part of Debt Free Direct who are the largest provider of IVAs in the UK. Have a look at iva.com to see if there is any client feedback posted there.