www.iva.co.uk

I’ve just today been excepted for a Iva do I cancel my own direct debits which are due out on the 11th of each month or wait

I paid nothing to my creditors prior to my IVA but of course it is up to you if you want to make token payments to them.

Can you afford minimum payments?

When you say "accepted", do you mean accepted into the process or have you already been through all the hoops and had the creditors meeting and they have said yes ?

If the IVA has started ... yes, do stop all DD's.

If you have just started the process, we all do different things: Some stop payments and save up a small emergency fund, others make token payments, while a few carry on with (usually minimum) contractual payments until the IVA has formally started. I was in the 'don't pay anything and save up a nest egg' camp.

I waited until I got the phone call to say the IVA was approved at the meeting, before going and cancelling my direct debits. Otherwise you're paying double and it's not chipping off the debt total.

I just wanted to build up a contingency fund and, in actual fact, I had few dd's as I just paid by debit card mostly or, in the case of Lombard Direct, withdrew cash from the hole in the wall and then went into the bank and paid the cash across to my credit card.