Is 30p in the £1 an acceptable amount

Devon_Sailor

Thankyou for taking the time to reply -

It is actually my wife more than myself who is very paniky about it; not that I am dancing in the streets or anything like that though!

It is all unsecured debt, so credit cards and loans. No mortgage or assets to speak of so no problems there. I thought the IVA was a way of making life slightly easier, with a fixed payment and then all done away with after 5 years. PP have been very good so far, but as i say, i was a little suprised at how high they were thinking of pitching the offer, especially as banks seem to always ask for more rather than suggest less...

Once you have reached your agreement, how does an IVA work on a practical level - do they check your bank statements every couple of months to make sure you are spending money within the budget as agreed, or do they jst assess overall ability to pay, in light of pay rises (or cuts) etc???

DS

FoggyBrain_2

Hi again DS. I would suggest you pop over to https://www.iva.co. ( and it's sister site iva.co.uk ) and have a chat with several IP companies to compare advice.

Once the proposal has been agreed, IP's vary in their requirments, some want payslips every three months, mine want them at the end of each year ( in all cases there should be an annual review, to check income and expenditure ... if your income increases then so does your payment .. although some can be offset against expenditure rises). Some check bank statements, some don't (not a helpful answer I am afraid). Basically, once your disposable income is agreed and hence your payment, how you spend, or save, your allowances is up to you.