IVA - One off payment

mike1976_2

Hi all,

I have heard of people paying a one off payment for an IVA.

I have debts of £32,000 which I would like to write off.

From what I can see I could pay c.25% of this amount off over 5 years and write off the remaining 75%.

Is it possible to pay this 25% as a one off payment at the start of the IVA?

Would any more money have to be paid into the IVA? Would they come after my property at the end of the term?

Cheers
Mike

moozie_2

Hello Mike1976

If you'd like to have a look at this site http://www.insolvencyhelpline.co.uk/paye-employed/the-iva-procedure.htm, I am sure you will get the answers to your questions.

Best of luck

debtdestroyer*

Hi.

If you are thinking of taking up an I.V.A then make sure you go with a company like cccs or payplan, these companies charge you the minimum.

And make sure you read as much info on them as you can, I'm in an I.V.A and wish I'd chosen a diffirent route to be honest, there not as great as they sound sometimes, but some people have good experiences with them.

debtdestroyer*

Check out this website for more info aswell https://www.debtquestions.co.uk/debt_forum/

CLAPTON

if you would like to give more details it might be possible to of more help..so what is your income and spending, details of debts, family situation , how much is the house worth and how much the mortgage..is it jointly owned with partner..have you already defaulted on any debts..

mike1976_2

Hi all

Thanks for your responses.

Basically I have c.£29k on credit cards and £3k on an unsecured loan.

I am self employed and am meeting the minimum payments at the moment and have not default on these or my mortguage.

My business is in its first year and is coming along nicely. I hope to clear c.£1400 a month after costs and taxes by the end of the summer ... but my minimum payments are c.£550 a month leaving little money elsewhere.

Being self employed and the fact that the business is getting to that level rather than established at that level over a period of time I considered paying off a lump sum of c.£8000 which my parents would provide. I would then pay them at £200 a month over the 5 years.

My mortguage is for £116k and my property is worth £130k.


Thanks again for your help.

Regards
Mike