www.iva.co.uk

Hello everyone, got a question..
So my iva meeting is on 8 October
And now I have lil problem to pay for my loan ( I never missed any payment, even on other creditors) so what if I'll take a break for my loan is that can affect my aproval for iva on meeting? Thanks for answer and sorry for my english.

A lot of us missed payments leading up to the creditors meeting so don't worry. In fact it's a good idea to use that money to build up a small emergency fund.

What we did was cancel all the direct debits and sent every creditor a small token payment but some people don't bother with the token payment and it doesn't seem to have any effect.

More importantly make sure you have a safe bank account set up and arrange for any income to be paid into it.

Steve

I never paid any of mine, not even a token payment. If creditors call, you can either tell them about the IVA or refuse to answer security questions. If you haven't changed your bank please don't go for HSBC or First Direct as they are not IVA friendly.

By definition we are declaring that we cannot make the contractual payments on our loans. So a missed payment here and there merely confirms that. Like those above, once I had decided on an IVA I stopped all loan payments and put the money aside as a small emergency fund.

Is the loan secured on your property?

Like others we built a saving buffer leading up to our creditor meeting by not paying our non-secured debts.