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Posted: Fri May 21, 2010 11:29 am
by vidal.de
I am about to go in to iva but i could not afford minimum payment for some of the account so i have been defaulted and asked to pay the arrears within 7 days my IP will contact my creditors next week will this affect me is advisable to pay the arrears off.
Posted: Fri May 21, 2010 11:47 am
by Michael Peoples
Hi Vidal and welcome to the Forum.
There is no point in paying the arrears as this would only sort out one creditor. You must treat all creditors the same and regardless since your IVA meeting is imminent keep the money to make your first payment or have a small contingency.
Posted: Fri May 21, 2010 12:57 pm
by kallis3
Totally agree with Michael.
Either pay all your creditors a token payment pro rata, or don't pay them at all. It makes no difference to the outcome and you need to save money for your first payment and to possibly build up a little contingency.
Posted: Fri May 21, 2010 6:11 pm
by kallis3
Good luck from me as well.
Helen - just a week to go, can't believe it!
Posted: Fri May 21, 2010 6:32 pm
by Daveyboi
As above either don't pay or pay each of them pro rata token payments.
Posted: Fri May 21, 2010 8:08 pm
by kallis3
I don't care Helen - I am just looking forward to reading that you have finished. I will be so pleased for you and then we must sort out a weekend to meet up.
Posted: Fri May 21, 2010 8:26 pm
by kallis3
An email will be on its way shortly.
Just looking at my duties now.