Just starting an IVA, do I continue to pay creditors?

sillyus

Hi,
Myself and my husband are in the process of starting an IVA, I haven't had a chance to ask our advisor yet but do we need to continue to make payments untill its all set up in around six weeks time? I only ask as we will be getting everything paid into our new account in the next week or so and I don't think we can make all the payments in the meantime. Sorry if this seems like a silly question but hubby is dealing with everything and while he's at work I'm at home worrying.

Thanks in advance _pale_

judojub

Hi sillyus!
It's entirely up to you. Some continue to make token payments, others don't bother. It doesn't really have an affect on whether your IVA is accepted or not but I guess it shows willing!
If you do make token payments then don't favour one creditor over another. If you pay £5 to one then you must pay £5 to all. Certainly don't try and make your normal minimum payments. Try and save some of that money.
For me personally, I didn't bother once I had decided I was going to do the IVA.
Best of luck

Nargleblast

Sillyus - no it is not a silly question. Ring your IVA firm and ask them. They will tell you at what point to stop making payments to creditors. And if you get any calls from creditors in the meantime, refer them to your IVA company, giving them the phone number and your IVA reference number. Once the process is under way you will not have any need to deal with creditors, it will all be taken care of.

debtfree2016

Hi Sillus
Once you have authorised your IP to apply for an IVA i would stop making payments, as Judo said if you make one payment you have to make a payment to all of them. Make sure you get you new bank account sorted ASAP so you can control your income.
Good luck and keep posting

FavDaughter1

Hi, some people make small token payments MOST stop, we didn't make any(felt uncomfortable about it) you will need a emergency fund, put your spare cash into yours & keep it safe for when something breaks!

you can post question here,no worry is silly.
well done for facing the problem, if your head's in the sand debt grows:T
keep hope x