www.iva.co.uk

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).

I would wait until the iva proposal has been written to creditors and you have agreed its content

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.

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.

Wait until your meeting, then consider stopping payments.

Agree with mumof3 - build up a contingency fund.

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 .