How do I offer a token payment without a cheque book?

getdebtfree

Hey guys

Ok so im a little further down the line now...

My IVA is in the review stage with Grant Thornton, they have all my details.

New bank account with co-op set up, wages paid in and direct debits changed.

Now just waiting for grant thornton to approach my creditors.

panicking on approval _pale_

If its not approved god knows what I will do...

Anyhow one more thing I have not done is write to my creditors.

I wanted to keep them sweet by offering a token payment.

Thing is I now have no cheque book, and I dont want to contact them and pay a litle amount using my new bank account.

So what should I do?

Cheers guys

ami66

Hiya

Hubby and I are just about at the same nail biting point as you, it's horrid isn't? :eek:

We've just sent letters and told creditors we will make a token payment to them shortly. We're planing on drawing cash from our new bank account and make payments in another bank via the slips on the bottom of our card statements and via paying in slips to the bank/loan account.

Like you we want no trace back to our new account.

gayleanne

you can ask them for there bank details, then using your account number with them, as a reference to payment, just pay cash over the counter in there bank.

getdebtfree

ami66 wrote: »

Hiya

Hubby and I are just about at the same nail biting point as you, it's horrid isn't? :eek:

We've just sent letters and told creditors we will make a token payment to them shortly. We're planing on drawing cash from our new bank account and make payments in another bank via the slips on the bottom of our card statements and via paying in slips to the bank/loan account.

Like you we want no trace back to our new account.

Hey

Yes its a horrible feeling just wanna get approved and start paying and moving forward.

I probably wont get any statements for a month and I wanted to send something now..

Wonder if there is another way...

but how important are token payments anyway?

cheers

Max_Maxwell

If GT is imminently to approach your creditors then I don't see the need to be offering token payments. I would retain all the income you can at this stage and await the outcome.

Have you already defaulted on any of your financial agreements?

UpToMyNeckInIt

Go to agree with Max Maxwell on this one. Do you know when your Meeting of Creditors is? When my creditors contacted me, I just explained that I was arranging an IVA (gave them my proposal reference and my IP's details), and they put my account on hold until the creditor's meeting (at which they all voted in favour of the IVA proposal).

I used what I had 'saved' paying to the creditors to build a little reverve for emergencies etc.

I understand your feelings fully about the 'what ifs' etc. Hang in there though, GT are one of the biggest in the business, and they will not have put together your proposal if they were not confident it would be approved (Most IP's on another forum I subscribe to reckon their success rate is anywhere between 96-99%).

Very best of luck, and let us know how you get on.

mollymaybe

Hi i am also in the first stages of an iva, sent all my paperwork off and now waiting. I asked the same question on a different forum and the majority of posts said the same thing, to put the money aside for an emergency fund. This is what i have done and most of my creditors have been fine when i explained what i was doing, a couple have not been but i expected that. I also thought that by offering a token payment it would help but some just want the full payment and still send threatening letters.I have put the money aside for emergency use so at least i have something to fall back on, good luck with whatever decision you make.

ami66

We've found most creditors have been sympathetic and understanding still waiting for the horrid one because I'm sure there will be some.

As for token payments we took the decision to split what is being put forward as our IVA amount among our creditors on a pro rota basis.

Not necessary we know but it's how we wanted to handle it as we've paid full amounts right up to last month and we're not in arrears with anything. Possibly won't count in our favour at the creditors meeting but it's our choice to do it this way.

debtfreenewbie

I used postal oreders for token payments or years. They are often cheaper than paying via giro.