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Dear All
I am about to make my 1st payment into an IVA on the 26th Feburary. I am going with Thomas Charles who have been great. I am paying £337 a month for 16 months then £536 for 44 months once my HP agreements are complete. My total debt is £28,000.00 to 5 creditors and seems to be a good offer to the creditors. My only worry is that I will be stopping payments to all my creditors as of that date and I was just wondering how to deal with the phone calls and letters. Should I tell them I am going into an IVA and cant pay them and an IP will be in contact shortly? Is there anything they can do to me in terms of court ETC? I am quite happy to put up with the phone calls and letters as long as I know they cant do anything to me. What is your advice?
My creditors are
EGG Loan 14,535
EGG Card 1,700
Citi Financial 1908
Barclaycard 3100
Halifax Credit card 4600
Capital One 1,200
Style Finance 1,000.
Do you forsee any problems with creditors and the offer being made.
Regards
Adam

adam have you had your creditors meeting yet if so your creditor phone calls should stop. Otherwise just be polite and tell them the name of the company dealing with it and to refer them back to them they will pressure you but take no notice just repeat the info and check that they log it on the screen then they should not ring you again that day. Creditors vary I only had trouble with one others have much more harrassment but dont let it get to you. I
f you have been told to stop payments dont be pushed into making any this is unfair to other creditors. If you have a date for your meeting quote it to them. As for letters I forwarded them all to my ip company.
I thinl your offer sounds good.
Best of luck.

Hi Adam
If your date has been set, then advise your creditors to contact your IP. If your IVA has been approved (and I would be very suprised if yours is not as you are paying back most of your debt) then just tell them that you are now in an IVA and to undate their records, it does take a while for all the information to reach the people who make the calls.
You can always change your no and go xd, I did just let the people who need to know your number have it.

Hi Adam

I am curious as to the basis of your offer, as you appear to be paying in more that you actually owe. This sort of offer is usually not favoured by creditors, who will feel that they are suffering to the extent of IP fees - which could be avoided if you were to pay the creditors directly through a DMP or merely arrange for reduced affordable repayments.

I really think that Egg may have an issue with this, so suggest that you get your IP to run the principle of this offer by them in the first instance.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Dear Melanie
I will discuss this with Thomas Charles.
It could be that I have misunderstood something. Thomas Charles origanlly drew up a plan of me paying £245 for 16 months then 44 months of £444 once the HP was finished. However this was drawn up on the basis that my girlfriend was unemployed and getting jobseekers allowance. However she found a job last week and so Anne Marie at Thomas Charles did a new plan for me that came out at £337 a month. This could be the figure for 60 months but I will check and get back to you. If it is £337 for 60 months will this be more favourable?
Regards
Adam