Tken Payments to Creditors...

[snowman365]

Dear Forum

I am currently considering entering into an IVA or petitioning for BR.

I have decided to stop paying my creditors the full amounts, and offer them token payments of £10.00 each to HSBC, Egg and Cooperative Bank. Should I contact them to make them aware of this and that I am considering an IVA / BR, and if so, should I write to them or call them up - which is the best way of approaching them??? Should I let them know I am considering IVA / BR???

Also, I have just managed to open a Basic 'Step' Bank Account with Natwest - will I be able to keep this is I enter into an IVA / BR???

[kallis3]

Hi Snowman,

I take it Natwest or RBS are not one of your creditors? If so, you need to open yet another account with someone who is not.

Once you stop paying your creditors the full amount they will start hounding you anyway, so you can tell them what you intend doing. A token payment will be ok.

I am not totally sure what is the best way to approach things, but I am sure someone will be along who can help you more than I can.

[plasticdaft]

If you are phoning them to let them know,stick to your guns and dont pay more than you want to pay. Also make sure you get someones full name so you can keep a note of who you have told what.

[snowman365]

No, Natwest and RBS are not my creditors. I have 4 creditors - HSBC, Egg, Cooperative Bank and Student Loan Co.

I have £45,000 unsecured debt.

Does anyone know of any good websites for getting template letters for sending to creditors?

[abc]

Would recommend that you seek advice from an insolvency practitioner. Subject to that advice you may want to consider an IVA in which case your insolvency practitioner will write to your creditors for you. If bankruptcy is the preferred route then your insolvency practitioner will guide you with the forms that you need to complete to make yourself bankrupt and then the Official Receiver will write to your creditors.

[Viki.W]

Hey snowman, if you look on the left hand side of the forum there is a heading "template letters", choose one from there. Good luck, Viki X

[snowman365]

So there is! Never noticed that before! Some people just don't look do they???!!!

Cheers!

[Moneystinks]

Snowman you may have already mentioned but 5 Glasses of wine and a sore toe later I haven't read all the thread!

Who is your IP?

Melanie sent me a template letter, to be honest the creditors have all claimed they have never received it - I know they have....

Hope you are getting things sorted. XX

[kallis3]

I think all of them claim to have never received the letters!!!!! It's a good ploy to try and get you to give them a payment!

Hope the wine has numbed the pain in your toe Marie.

[Moneystinks]

It has and I am also talking more riubbish than normal lol XX [:D]

[snowman365]

Hi!

I don't actaully have an IP as yet - I am still considering my options - either IVA ot BR...need to decide pretty soon...

Hope your toe is better yeah!!!

[Moneystinks]

We have chosen Melanie am I repeating myself???

Not sure.

Her tema are great and she posts on here whenever you need her she is availble - on the main......if she is not about then you have a hole ost of brilliant people.....

Good ,luck snowman

[snowman365]

Cheers!

I have spoken to Melanie's team - they do seem great yeah. Just not sure if an IVA is right for me.

Hope you have a good night and enjoy the vino!!!

[Moneystinks]

I hope you can come to some conclusion soome regards your IVA etc....

It is a relieve once you have decided.

Good luck the vino is great can no longer feel foot and am back to talking rubbish - spelt correctly after 5 mins of checking lol [:D][:D]