www.iva.co.uk

Hi all.
Today we (wife and I- interlocking IVAs) recieved our creditors meeting date - 3.35pm 5th January.(Hoooorraaaayyyy !!!)
One quick question though if anyone can help. It states on the paperwork we have back that the first payment (£400-00 total) should be made on the day of the meeting( if our proposals are accepted of course). It then goes on to say that if we are currently pating iinto a DMP, which we are, at about the same rate,then we should carry on paying into the DMP until the reult of the creditors meeting is known. Eh?
How do we suddenly find an extra £400-00 just like that, especially the first week back after Xmas !!
Can anybody please tell me what the protocol is here as there is no mention of it in the paperwork.
Thanks all

Is it the same company doing your DMP as well as your IVA? If so, you might want to highlight this to them - in reality your IVA payment does not need to be made on the day of the meeting. It can be made at any time during the first month following the meeting.

Good news about the creditor date and good luck.

We should have made our first payment before the meeting, but couldn't. As long as it is made within 28 days then you will be fine.

I don't know how the IP can expect you to make both and I would speak to them about this.

If you are currently in a DMP and intend to remian in it if your IVA is accepted it is not worth cancelling the agreement yet. It would only mean that you would have to go through all the start up again in the event of rejection so it is prudent to change nothing.

Ring your IP firm and advise them that if the IVA is accepted you will cancel your payments to the DMP and transfer the payment to them at this time. That should be more than sufficient.