Been reading the posts on here and this is my first post.
I just wanted to ask people if they had written to their creditors before they stopped payments prior to their IVA being set up?
If not did you just stop payments?
I see from here that the advice os to stop payments and that is what I have been advised by my IP but I have to say I find this a bit daunting.
I'm finding it difficult to get up the courage to go onloine and cancel the dd payments.....
I was getting hassled badly by creditors and managed to set up some agreements with them, but even this has become unaffordable. I am not looking forward to getting hassled again!
Sending IVA paperwork off tomorrow- keeping everything crossed that it will work out!
Personally, I did not contact creditors prior to an an IVA, I left that to my company and I just stopped payments.
You will get hassle from creditors there is no getting away from that. However, either you deal with the calls with a script telling them what you are doing, or you can ignore the calls, or you can change your phone number and go ex directory. That way you don't have to speak to them. Letters can be sent to your IP.
Which company have you chosen to act for you?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They are a recommended company and Andy Davie who helps run the forum comes highly recommended.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi we made one token payment for one month than we stopped all payments(yes it does feel very strange!) after that. I feel the token payments are a waste of time if you are going down the IVA route.
Our IVA was approved last october and still MBNA are writing to us about how we have now missed 5 months payments. Do they know about our IVA?, i think some departments do and some dont!!! MBNA didnt even vote at the creditors meeting so im not really sure what their game is. Hope that helps you and best of luck.
baldy
I made no token payments at all and it makes no difference at all to your proposal. It does mean that you can build up a bit of contingency though.
Baldy - I think I would be being less than polite now with MBNA and the second word would be 'off'. They should not be contacting you now and I would have a word with your IP about this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Carebear
Welcome from me too.. I just stopped paying creditors once I had found an IP, they wrote to the creditors. Unfortunately you will get hassle whichever way you play it and quite agree with Jan that you are far better using what you might have paid them to build up a contingency fund for later and also think about getting your car serviced and costly things like that.
I agree that you will get hassle whether or not you decide to make token payments.
Save the money towards emergencies.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I was on a DMP before my IVA was accepted - I stopped payment to creditors when I asked the Iva Company to act for me. I put the money to one side just in case my IVA was rejected. In my situation I couldn't have two companies acting for me anyway.
I sent my creditors a letter saying I had asked IVA company to act only a couple of the creditors called, I just said an IVA was being proposed bla bla bla - so far all calls have stopped.
I found my creditors saw the IVA as a positive way forward and was willing to stop call for a couple of weeks at a time.
Last edited by Squidward on Sun Jan 16, 2011 11:37 pm, edited 1 time in total.
You were lucky, my creditors wrote and phoned even though I had written to tell them that I was doing an IVA.
It does seem to vary as to the amount of hassle people get.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I kept mine up to date and in the main they weren't too bad, Mercers (Barclaycard) were the worst ever and had me turning to the forum for support on one occasion. Again token payments and contacting creditors are a personal thing and we're all different, I made no token payments and this was accumulated as a contingency which then during the first month of the IVA have to be paid out to boiler repairs!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks to everyone for your replies. It makes us feel so much more confident about our situation and you've no idea how good that is after feeling worried sick for ages and ages now.
This website and forum is a god send and we just wish we'd found it a couple of years ago rather than struggling to pay debt collection agencies ourselves and make agreements with them. I think it's because of having to put up with their hassle in the past that I am worried about it again (they have gone quiet at the mo, but that's because we are paying more than we can afford to and interest).
I am just going to see the hassle as a means to an end and as we have started down the road to getting it all sorted..... what a great feeling!
Hi and Welcome!
I'm sure everyone on here can identify to that feeling.
I never made any token payments to creditors, and I didnt contact them either, I left that in the hands of my IVA company.
I feel lucky as only 2 of my creditors rang me once or twice and when they asked I did tell them about the IVA, honesty is the best policy, but again each to their own!
This forum is a total godsend, and has helped me along my IVA journey.
Good luck with yours x
A good IP firm will contact the creditors for you as soon as you give them instructions to act, but most creditors tell me that they also like to hear from their customers directly. There is nothing to worry about, as most creditors genuinely want to work with their troubled clients rather than work against them.
