What is the average payback per £ in an iva

happychappy74

It was approved with 75.55% voting in favour.
Natwest / RBS / MINT and Capital One all voted against.

It is strange not having it hanging over me and my family any more and I feel that we can now start our future afresh.

I hope that yours goes well and gets accepted. Let us know.

dog_food

I am a bit worried it won't be accepted as my circumstances are changing...but I remain positive! I'm pleased for you...enjoy your new debt free life!

Thanks for the support...i'll let you know...

a2062cad

jtn wrote: »

Hi everyone this seems a relevant question,does anybody have any idea how much you pay back per £ in an iva agreement with your creditors

For whats its worth my debt was +£100k unsecured. My IVA was agreed at 35p.

ste_coxy

Do creditors need to give reasons as to why they have declined an offer?

happychappy74

I was given no reason for the decision. Just that the decision was a yes or no by which companies.

I had no idea what would be a reasonable offer or if the likelihood of it being approved was high or low. Owing to the circumstances, ie: amount already paid set against the amount owed, we weighed up the pros and cons and the offer was made.

The company does take a sum from the outstanding amount for the meeting set up fees (£500) so maybe it just gets to the point whereby the creditors have to balance this offer against any future offers at £500 a pop if it close enough to accept anyway as it will reduce the dividend to them.

thewad

Dogfood

Why is it ignorant opinion.
It's actually a fact.
I was only using the lazy sod bit to emphasise my point.
I may be looking to go down this route soon and just seems a little unfair that some pay more than others.
As an aside, if your on an IVA and working could you do some w/e working or evening working paid for in cash and not declare it.
How do they monitor this.

John

Stipend

Although I feel that the phrasing that Dogwad uses "lazy" etc is a little harsh and does sound judgemental, I also know that sometimes people asking those type of questions view themselves in that category but are too ashamed to admit it, so put it in the third person. Whenever I start thinking about going for an IVA/DMP I feel that I have got myself into this mess by being "useless" and "lazy", etc.

Judging yourself in this way, I have learned, is almost as bad as judging others. What's done is done. Beating yourself up is counterproductive and time could be better spent trying to come to a solution.

Xaviera

happychappy74 wrote: »

I was given no reason for the decision. Just that the decision was a yes or no by which companies.

I had no idea what would be a reasonable offer or if the likelihood of it being approved was high or low. Owing to the circumstances, ie: amount already paid set against the amount owed, we weighed up the pros and cons and the offer was made.

The company does take a sum from the outstanding amount for the meeting set up fees (£500) so maybe it just gets to the point whereby the creditors have to balance this offer against any future offers at £500 a pop if it close enough to accept anyway as it will reduce the dividend to them.

Would you still have to pay this if you went through CCCS or Payplan?

I'm with payplan on a DMP but I don't know if an IVA might be more suitable as I'm still £20k + in debt on my calculator and I've been paying it off for the last two and a half years.

I *think* you need to have all outgoings 'proved' on an IVA don't you, and I can't prove all my outgoings sadly.

thewad

I take it that with a DMP you pay a set amount each month but keep paying till the total debt is paid off.
Bit like an interest free loan for an indefinite time.
Take it these aren't as restrictive as an IVA and are more likely to be accepted.

John

Xaviera

thewad wrote: »

I take it that with a DMP you pay a set amount each month but keep paying till the total debt is paid off.
Bit like an interest free loan for an indefinite time.
Take it these aren't as restrictive as an IVA and are more likely to be accepted.

John

Yeh I just keep paying it til it's paid off...still about another 7 years.

Part of me just wants to get made redundant so I can declare bankruptcy. :rolleyes: As far as I know I'm not accruing more interest but I do have to pay any owed.

Are IVA's more restrictive? I really don't know, but at least you pay it off and get it out of the way sooner.