I’m in the very early stages of trying to begin an IVA, I have an appointment with stepchange on Wednesday to discuss the first steps . But when should I stop paying creditors ? I’ve not missed payment before and not sure if it’s too early as I haven’t spoke to an IP yet however most of my payments will come out in the days either side of my appointment so not sure whether to stop these or just the ones following speaking to the IP.
Personally I waited until the IVA had been fully discussed and I knew that was the way I was going. I didn't want to get so far behind that I couldn't take remedial action if the creditors refused. I saved what would have been the payments as an emergency fund (which was well needed during the course of my IVA).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I paid everything up to date, my meeting was mid Nov and I made payments on Nov 1st. With hindsight I would probably have paid my debts on the latest dates I could after payday rather than on the day I was paid,as that way I wouldn't have paid anything in November, but hindsight is a wonderful thing and I wouldn't have gotten where I am with hindsight.
I stopped mine immediately as I couldn't afford them at all. I was on a DMP though so I told that company and went with Payplan for an IVA.
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 stopped paying as soon as I had spoken to stepchange and decided an IVA was the way to go. We couldn't afford to keep paying. It also let us build up a bit of an emergency fund, which came in handy as we got a large vet bill in.
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
Thanks for replies , bit of a mixed bag! As it happens it’s likely that I won’t have money available for some of the direct debits so having spoke with stepchange will hold paying anyone just in case it looks like I’m favouring anyone and I can hopefully put a little aside .
