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Decided to go the IVA route. Do I contact my creditors first?
bernieuk
Posts: 19 Forumite
Happy Christmas and a Happy New Year to you all.
I have decided to go the IVA route through CCCS early in the New Year. Should I contact my creditors first and tell them what I am doing? Am I likely to get a sympathetic response? (My guess is not very likely
) I have a direct debit for one of the creditors (Halifax loan). Should I cancel that first?
I suppose the obvious thing is to wait and see what CCCS advise.
Any help would be appreciated. I must admit this is making me a little scared but I know in the long run it is the best thing I can do.
I have decided to go the IVA route through CCCS early in the New Year. Should I contact my creditors first and tell them what I am doing? Am I likely to get a sympathetic response? (My guess is not very likely
) I have a direct debit for one of the creditors (Halifax loan). Should I cancel that first?I suppose the obvious thing is to wait and see what CCCS advise.
Any help would be appreciated. I must admit this is making me a little scared but I know in the long run it is the best thing I can do.
My Creditors - None!
Finally I am debt free but only due to a redundancy payment. But still a pretty good feeling!
Finally I am debt free but only due to a redundancy payment. But still a pretty good feeling!
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Comments
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I wouldn't do anything until CCCS tell you to.
They will tell you when to cancel any DD's.
Companies involved will be advised as to the IVA application anyway.
I wouldn't be too scared about an IVA - it's not that bad, and it does mean you will be out of debt within a reasonable time frame.
Lin
You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
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No, don't inform your creditors!
When you have spoken to CCCS or Payplan or whomever you choose, you will need to wait until you have signed the forms for them to act on your behalf and to set up an IVA for you.
It might be a good idea to set up a DMP of just £1 per month per creditor in the meantime, if you cannot afford your repayments at the moment. That is what happened with my IVA.
The creditor will probably still keep phoning and/or writing to you until the IVA is actually signed, sealed and delivered.0 -
THis should help you out, very useful site:
http://myvesta.org.uk/forum/index.html
Lots of support and advice there. An IVA is not as bad as everyone thinks, I've been paying into mine for 1 1/2 years and its such a relief!0
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