Get expert opinion. This is the place for new questions to be posted.
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tracey73
- Posts: 141
- Joined: Thu May 10, 2012 4:02 pm
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Hi, Im being a bit premature here but if my IVA is successful when would I make my 1st payment to it? Just I will need to know to budget for it, thanks!!
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tracey73
- Posts: 141
- Joined: Thu May 10, 2012 4:02 pm
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Another reason Im asking is because my hubby has a DMP with payplan and the payment comes out on the 25th of the month so technically the creditors could end up with 2 payments that month, one from DMP and one from IVA (if its successful).
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recovering
- Posts: 1623
- Joined: Mon Sep 26, 2011 8:27 pm
- Location: United Kingdom
I made my first payment on the day. transfered it before meeting day to IP
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tracey73
- Posts: 141
- Joined: Thu May 10, 2012 4:02 pm
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Hmmm I thought I'd heard before that you make 1st payment on the day. The DMP payment is £150 so we could really do without paying that money out if they are gonna want the IVA money 2 weeks later.
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Pandy
- Posts: 1987
- Joined: Tue Jun 08, 2010 5:49 pm
- Location: United Kingdom
We didn't make the last payment on our DMP before our IVA creditor meeting, it gave us a bit of a contingency we did get a letter about a month later from out DMP company but when I rang them they said it was fine as were now in an IVA and the debts we were paying for the DMP was part of that.
Last edited by
Pandy on Sat May 19, 2012 5:13 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
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Broke of London
- Posts: 7761
- Joined: Sun Sep 05, 2010 6:04 pm
- Location: United Kingdom
You get up to a month after the iva is agreed to make the first payment so you could pay the iva on 25 this month and start the iva on 25 next month if you wanted.
Have a chat to your IP for case specific advice though. X
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kravarran
- Posts: 121
- Joined: Thu Apr 19, 2012 9:12 pm
- Location: United Kingdom
My IVA was approved on 14th May and my first payment is July 1st
The hardest part is telling a stranger about your problems ...... it's also the most important!
Completion Certificate Received!
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
- Location:
Our IVA's were approved on the 21st April and we made the first payment two weeks later.
Depends on your IP and when can afford to start the IVA.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
I made my first payment to my IP before the IVA meeting. Therefore on the day of acceptance I was already one payment down with 59 to go!
The payment was made with the understanding that if for any reason the IVA was rejected then the paymet would be returned. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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tracey73
- Posts: 141
- Joined: Thu May 10, 2012 4:02 pm
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Hi, it seems people have duffererent experiences of making their 1st payment. I think I will ring Payplan on monday and make them aware that we are paying the DMP payment on friday and see what they say, cheers x
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
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We had no way of making a payment before the meeting date as we had no debit card or cheque book. As soon as we were approved we set up the standing orders to go out on payday and Payplan were quite happy with that.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
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I'm sure Payplan will advise you Tracey as companies do vary in the way they work but we're all ultimately reaching for the same goal of debt freedom. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Daisy730
- Posts: 21
- Joined: Sun May 20, 2012 3:42 pm
- Location:
I am with Payplan and my IVA got a yes on Thursday. In the paperwork it did say that they required the payment on the day. We just rang them up and explained that we don't get paid until the end of the month. They were fine and said they are going to send the standing order forms to us to pay on the 1st of the month.
