www.iva.co.uk

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Well, it had to happen. The calls have started. I have been contacted six times this morning already. I have ignored the phone but the constant ringing is already getting to me. Do I answer? And if I do, what do I say. I hate this.

It is best to answer and simply tell them that you are proposing an IVA and give them your IP's details. Many creditors will put a hold on calls when they know what is happening.

Do not get into any discussion, nor make any offer of payment, unless you intend to make token payments to all creditors until the IVA has gone through.

Thanks Foggy. I currently have the phone on silent. Can I give them the IP details even though I haven't spoken with IP yet? Is it enough to give company name etc and should that be knightsbridge or Vincent bond?

Best to be informative and say you are proposing arrangement with creditors.Callers will say you have to pay something till then.
The worse callers are the overseas call centres that will hassle you to pay something.MBNA.
They do the banks dirty work.

Till the iva is agreed you Will rack up charges etc.

You could pay a little for goodwill as many have done and that Will buy you hassle free time and show you are trying....it is up to you.

I would be inclined to give them VB at the moment. They probably won't check, but will put a hold on calls for 30 days. They are all in call centres and might not even know what an IVA is.

Ok, so I will answer and give them VB's details. I will tell them I am arranging plan with creditors or IVA if they understand. Like you say, hopefully that will give me some time without calls. Cant really pay anything at min, not sure whether to or not come pay day. Thoughts please?!

Some people pay a token payment to each creditor, others pay nothing and use this money as an emergency fund during the IVA.

It makes little, if any, difference to the outcome.

We were advised to make token payments to our creditors as the IVA was being set up ....it made no difference to anything and we would have been better putting the money aside for emergencies !

I must confess I unplugged my phone and told I know people that my phone was playing up as some of the creditors just keep ringing and ringing. I sent a letter to each of my creditors telling them I was applying for an IVA and made token payments.
Some of the creditors can get quite unpleasant and mentally I just did not want to speak to them.

If you go online banking or management of accounts, login and change you phone number immediately

I would just add that MBNA were the worse ifcan you change your number with them I would do so.

Its strange because I owned quite a bit to capital one and Citibank but they hardly bothered me.

Good luck not an easy time.

I'm just in the process of gathering up my paperwork for my IVA and it's the calls and letters that I'm not looking forward to.

I will try and change numbers but if not will answer and tell them once whats happening. If they keep ringing then I will go back to ignoring, my phone is still on silent now!

The very least is to communicate with creditors and say arrangements been proposed with creditors.
4 to 6 weeks in an iva proposal draft and presentation, charges can be racked up to a point.

That period can be very stressful.Small payment token gives that 'pain relieve' and imbue confidence in dealing with callers.

Remember till the iva is approved it is not a done deal.I personally assumed analogous to a tennis match final, anything can happen in an iva proposal.... till match point.

Fair point.