What to do now!

tomandjerry

HI all,

I'm sorting my finances out now and I decided to go for an IVA option after having contacted CCCS. It's still in process (paperwork...) so not started IVA just yet. As I've been advised to pay only token payments to my c.c (Lloyds) 'cos not paying min. payments anymore, Lloyds has contacted me via phone (last Saturday asking when I can make payments as they would have to charge me a fee for a late payment + my credit score would go down rapidly), + I received a letter from them today and also a message on my mobile to contact them. :eek:
My question is whether to pay the rest of the amount and be up to date with payments or just to ignore it and wait for IVA to start? What's donna happen when I come to pay next cc bill with just a token? I'm sure they grab me and ask thousands of questions.

Please advise.
Many thanks,
TAJ

Broken_hearted

Make the payments you can afford.

tomandjerry

Broken_hearted wrote:

Make the payments you can afford.

Min payment is £200/month, I'm short £180 + £200 for the next payment. I have paid £20 token twice so far.
TAJ

Broken_hearted

If the £20 is what you can afford pay that. Phone or even better write reminding them of their responsibility to help vunrable customers.

tomandjerry

Broken_hearted wrote:

If the £20 is what you can afford pay that. Phone or even better write reminding them of their responsibility to help vunrable customers.

The lady asked me if they'd sent me an expediture form which they haven't.
God knows what letter's gonna come tomorrow.
I'm worried a bit that setting up an IVA takes longer and I might have a problem with Lloyds beforehand (e.g them refusing an IVA).

taj

notmyrealusername

An IVA is only suitable for somebody who can no longer afford the minimum repayments, if you scrape together what is needed then why would they agree wo write of a huge percentage of your debts if you are demonstrating to them that you can afford to pay.

Work out what you have spare after your essential outgoings and send prorata payments to all of your creditors, so if you have £300 spare and Lloyds is 33% of your debt pay them £100 and so on...

With an IVA it is not the creditors themselves that vote but an accountancy firm they elect to vote on their behalf.

Have a look at this thread for an example of how an IVA worked for another poster on here with Payplan, it worked the same for me but neither of us had any assets, not sure what your situation is...

http://forums.moneysavingexpert.com/showthread.html?t=237135