www.iva.co.uk

Hi im now waiting for creditors meeting soon.
I have five creditors and need to make a token payment. How much should i pay. ? Thanks

I wouldn't bother making any payments at all, it will make absolutely no difference to whether your IVA is accepted or not and won't make any difference to how much your creditors hassle you before the meeting, much better to save as much as you can before your IVA is approved

It really is up to the individual whether to make payments there is no set rule as Lem says it will have no bearing on the eventual outcome of the meeting. Saving can give you a good contingency plan to start with. x

Thanks for your replies. Yes i need a contingency fund. Signed proposal and sent back so meeting should be soon.
Paying back 50 p / £ now.

Meeting will only be a couple of weeks away .... good luck.

Shouldn't be long and a very fair return. All the best

Hi, 50p in £ is very good. we paid NO token payments,it won't make any difference to your IVA being accepted.

for your own sake save every spare penny towards your emergency fund. you'll be so glad of it at some point.

not long to go now[;)]

Quite agree Rosepetal.

I made no payments at all on the run up to the IVA.

hi kall, hope you're ok.

it felt uncomfortable not paying anything but it was all coming out of a growing over draft for us. with that old devil called hind sight it was good advice.

I'm very well thank you Rosepetal.

Hindsight is always good!

glad you're ok.

the experience of you guy's who'd "been there got the t-shirt" helped us so much. like many others i'll always be grateful you& others are here, you make a difference to people,hug x

I ain't got the T shirt yet!!!!!!!!!

It all boils down to individual choice, and as quite rightly pointed out, whether you do or don't will not make a blind bit of difference. If you feel it is the right thing to do by your creditors though, a £1 each will be fine in my opinion.

Regards.

We also worried about the issue of token payments but did not make any as were advised it would make no difference at all whether we did or not and this was quite right. Good luck and make sure you have changed whatever bank account your pay goes into and your important direct debits etc. come out of.
Oscar
x

I stopped paying into my DMP and also stopped payments to the two creditors which weren't included with that.

As stated - it makes difference at all to how the creditors vote, regardless of what the call centres tell you.