Token payments

adyj73

I didn't pay any token payments. My IVA took 8 weeks to set up and my loans / credit cards etc were paid monthly so I just missed 2 payments - not enough time for them to do anything serious. Carried on paying my mortgage of course

cherry545

Hi - I didnt pay any token payments and my IVA was still accepted

moneymuddles

Has anyone already missed or reduced payments before setting up the IVA? I find the whole idea of who i should pay and how much really confusing, because the amount you will be paying into the IVA is the amount you are suppose to be able to afford so should you pay them that? Sorry very new to this!

FoggyBrain_2

Hi Moneymuddles. I stopped paying altogether and missed two sets of payments ( which I saved up as an emergency fund).

Isis_Black

Hi there weve just paid month 3 of our iva a long way to go but great weight off of our shoulders
When we began we were told to stop all payments and to change bank accounts ASAP
Then it was left to grant thronton to sort out everything think it took about 8 weeks max they suggested anything we had saved on not paying the bills to have a treat before the iva set in :-)
Pick op stuff you may need as they have so much control over you once set up

moneymuddles

Thanks and sorry to but in!! This forum has been a fab source of advice!

FavDaughter1

we didn't pay any token payments(it felt un comfortable & scary, IVA accepted in Feb 2011), with hindsight this was the right thing. we saved every spare penny for our emergency fund - why do so many things break when you're broke?????:(

you'll get there.

Finman

Hi

I have credit card debt with RBS, Nat West and Mint amounting to about £25,000. I sent a F&F offer to each of the cards 12 months ago. Natwest replied on behalf of all of the cards declining my F&F but instead offering token payments of £1 a month for each card and the suspension of interest. I accepted this and I made these token payments for a period of 6 months. After 6 months I requested an extension and provided a financial statement. They agreed to extend for a further 6 months. This second 6 month period is just coming up. My question is how long can this arrangement continue? I can carry on making the regular token payments but have little chance of increasing the payments as I am over 60 years old and have a medical condition which makes it difficult for me to work full time. Any advice would be very welcome.