Can anyone recommend good company for IVA please.....:)

Needs-Help.

IVA company based it on our rent arrears being cleared but it still doesn't add up and we are not even in arrears for that long.
What happens if you cancel an IVA? do they make you bankrupt?
Can i just ask, how do these company's work it out? I am in 16k debt and paying back 12k and Joanne Notts you were in 26k and paying back 11k? it doesn't make much sense to me :SSS I know its based on circumstance but how do they base the amount they write off to then base the rest on your circumstances?! .....

althas

They have no base for the write-off. It is ALL down to circumstances and what you can pay. So if an IP looked at all my information and I had £500 a month left over, this would equate to £30,000 over a 5 year period. THAT is what your creditors vote on. If I owed £120,000 or £60,000 it makes NO difference to the PROPOSAL, it would be £500 a month for 60 months

I will presume it makes a difference to my creditors and the way they vote. One proposal is 50p to £1 return and the other 25p to £1 return (and yes I know I have not made allowance for IP fee's etc, just using simple numbers). A creditor may have an internal policy that no IVA under 30p to £1 is acceptable, but that is down to them

I know it appears a little complex and disjointed in a way, but that is a job for your IP to explain everything to you so you inderstand exactly what you are doing and it is the correct option for you BEFORE you sign the proposal

Hope that helps a little for you

debtinfo

in a nutshell, they will expect you to pay as much as you can

[Deleted User]

Yes that's my understanding of it you pay back what you can afford. I am a single Mum with 1 dependant child working part time, they help me draw up a very detailed income and outgoings sheet and worked out that was what I could afford to pay, so I guess if i owed 30k or 40k my repayment would be the same. They also said that usually your creditors hope to get back 24p for every £1 and with mine it worked out they would get 26p so it was a good offer, but when it came to the hearing my main creditor Halifax put in a condition that McCambridge Duffy had to reduce their fees, which is standard apparently and I had to accept this term therefore they are probably getting more now. I don't really care the releif I feel now is amazing wish I'd done this Years ago, I was 10k in debt when my partner left me in 2000 and it all just escalated from there

davidgmmafan

Re Payplan I had the opposite experience to what Charco is saying, then mentioned an IVA and the lady sounded quite keen on it, just like they sounded quite keep on life voer and breakdown cover. Thing is they'd just worked out my disposal income to £126, so how is that ok for an IVA?

I know its possible to get them setup for less than £200 but there must be some reason why most companies atte £200/month minimum... In fairness it IS better than the DMP, but I've got some reorganizing to do before I'm ready to go through with it.

Max_1066

As mentioned above the amount you pay is dependent upon your surplus income which is based on your I&E. Whether or not the creditors accept is dependent upon your circumstances but mostly the % return they would receive.

I used Grant Thornton (referred by CCCS) and would def NOT recommend them for all sorts of reasons - slow, poor advice, constant need to chase, etc etc.