iva advise

karen110

hi just applied for a iva but they advised me to stop paying all creditors,took their advise but worried sick is this normal it hasnt been approved only sent paperwork back today they told me when they ring not to ignore them but to tell them to contact the iva company,thanks in advance for any advise i feel like a criminal !

Anondebtadvisor

That is correct advice but if you feel more comfortable send them token payments of £1 per month each.

If the IVA company has given you a reference give it to whoever call you and they can contact them - in experience they probably won't

DNR_2

It does seem strange to stop paying altogether but this is the same as what I was told. I paid the £1 minimum but in retrospect it wasn't necessary. I had repeat phone calls from one company insisting I pay more, yet another company was fine and very sympathetic. Paying £1 doesn't stop the phone calls. They do stop calling after a week or so if you keep giving them your advisers name and number. Just hold on in there and hopefully you will get good news soon. Good luck

MoneySaverLog

Trouble is you'll get bombarded with phone calls, which border on harassment, whilst the IVA is going through and for a short time after the creditors meeting and IVA approval.

The calls are persistent to the point of where I disconnected the phone and changed the number. Better to tell them by letter you're entering a IVA, once only, giving them details of who to contact.

Forward on any mail to your IP to deal with, Don't make any token payments, the right advice has been given to cancel all your DD's - you'll need to start building up a contingency fund as you're going to need it in a IVA at some point. Whether you make token payments or not it will not affect the outcome of the IVA regardless of what they tell you on the phone.

Stay positive there is a end, a way out, although it may seem a long way off at this point, you'll soon make the final payment and the feeling you get at that point is one to really look forward to when suddenly your money is your own again and you're free to do what you want with it :-)