www.iva.co.uk

This is maybe the dumbest of all dumb questions, but how do you actually pay for your IVA? Is it direct debit, cheques, etc?

I'm suspecting direct debit, which is fine - but I haven't heard any mention of how it is paid before!! [:p]

DD, your IP will set it up with your details.

<<My motto:I am proud of black culture and is against racist bigotry>

DD is the standard method.

Best Regards
Oliver

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

I suggest that standing order is better than direct debit - then you are in control of what comes out of your bank account and not the IP firm.

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

Either DD or standing order, Melanie makes a good point about standing orders, if you pay your IVA this way you are assured that you have enough money in your account at the time etc

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

We pay our monthly payment by standing order and then the 50% of hubby's bonus I pay by cheque to them.

Louisa..can I ask .Do you work out the 50% yourself and post off monthly? My IVA just started and we have 50% thing to do. One of my amandments was that this was done every 2 weeks. When I asked IP about this (person in his office) they said don't worry about the 2 weeks just do it annually. Well actually I would rather do it monthly as I get paid. This way I'm not having to tot up for an annual bill. And, can I also ask a daft question? What happens to the 50% sent to the IP? Thanks. Cat

Hi Cat 1 . I just take my expenditure allowed from our wages and what is left divide in two. I send mine monthly and usually ring my ac manager and she puts an extra debit for the amount. You could send by cheque though. I prefer to ring so that I know I have got i right. I do a little household spread sheet for the bills etc and overtime so I can keep track.
The extra just goes towards the iva and gives the creditors that bit extra back, but at least you get the advantage of the half you keep and it helps a great deal with those extras that always crop up.

Ang


Please visit my blog at http://aguise.blogs.iva.co.uk/

We used to pay by Standing order but following our first yearly review, we were told that they are transferring over all SO's to Direct Debits and so never had a choice. We could however state what day we wanted the DD to come out. Never did really understand why we had to change over especially as the payments are a fixed amount each month.

thanks Ang. Cat

I do exactly the same as louisa.s. I know some people save it up and pay it all over at the Annual Review but I prefer to pay it asap. That way there is no temptation to dip into it and your I.P. / IVA Company can let you know straight away if they do not agree with your calculations. The 50% of Overtime you send in just gets added to your normal monthly payments and helps towards meeting any minimum dividend requirement or any extra fees. If you dont have either of those it still helps to increase the percentage / dividend that you are repaying.

thanks again Got paid today and got some backpay-£300 more than usual. At least I get to put £150 away then.At first I felt disapointed but then I remembered quickly that at least I get the £150 whereas before I would not ligitamately have a penny. Cat

I know it may be a dumb question but can you change the date of your standing order.just it might make things a bit easier if I change the dateof when my payment comes out in the month.Do I have inform the IP firm when I change It?
All replies welcome

P[?]

Not a dumb question at all - so long as it means you do not miss a payment, but wise to let your IP know all the same.