direct debit cancelled by largest creditor before meeting??

[Johng79]

Hi guys,

Just looking at bank here and have been advised my largest most recent creditor have cancelled direct debit??

Any ideas what that would mean? Has anyone had this occur?? Iv heard plenty the other way round, but very concerned about this move....

[Foggy]

Just means they haven't bothered to take the payment -- nothing to be concerned about.

[Johng79]

No its not due yet, and they cancelled it. Confirmed by my own bank

[kallis3]

It means nothing - don't worry about it.

[Johng79]

Was just starting to relax a bit now im worrying about the worst again. What are they at? Why would you deliberately not take money??

[kallis3]

You need to take a step back and stop checking everything! It will be sorted soon.

[Foggy]

Was just starting to relax a bit now im worrying about the worst again. What are they at? Why would you deliberately not take money??

Probably because they have already frozen the account to provide the balance to your IP. One payment will make little difference to the dividend and mess up their accounting process.

[Johng79]

Just concerns me that its not due until after meeting. Why would you cancel it beforehand.

[kallis3]

Don't worry!

[kallis3]

You need to step back from the computer and let it take it's course. No point trying to second guess or read into things.

[doritos]

I stopped all mine before the meeting and just let the whole lot slam into a wall as it were.

was advised to if I recall.

[moira717]

I would read it as a good sign, shows things are moving on

[Johng79]

Yeah was told same, just find it odd they dont want to try take a direct debit.

I know what you mean moira. So far iv had 2 x minimum payment reductions, and barclays didnt charge interest on latest bill. All rather strange. The cancellation of direct debit is a curveball however as surely worse case for them, they get to top up balance with default charge etc

[Michael Peoples]

Once the creditor has been informed of the date for the meeting of creditors they cannot take any more money from you. The creditors will then receive a report within fours days of the meeting saying whether it was approved or not and if rejected they can then restart normal collections procedures. If the IVA is accepted it will then be dealt with by their insolvency departments or agents so taking a payment now would be wrong.

[Johng79]

Thanks for that Michael

No one told me that before. I bet if you tried making a payment theyd find way to accept it though lol