Questions about getting a IVa

sundays

Ive been asked to help someone but dont know a huge lot re an IVA.

Is it always 75 percent that is deducted. The person owes 30k approx.

They do not want to consider the BR route.

Can they have 2k of council arrears that have attracted a liabailty order put into a IVA.

Do you have to have a min of a disposable income to be accepted for a IVA.

If circs change i they reunite with their partner who is unable to work because of ill health can the amount be reduced to show a new I & E.

milliemonster

sundays wrote: »

Ive been asked to help someone but dont know a huge lot re an IVA.

Is it always 75 percent that is deducted. The person owes 30k approx. Absolutely not, an IVA once successfully completed can write off a portion of your debt but this depends on many factors, in an IVA you pay over all your disposable income once your essential bills are taken from your income, but obviously if your income increases over the term, you will pay more, your will never pay more than what you originally owed but could end up paying back 100% of your debt (if your income increases significantly for instance) it is not a case of payments are worked out at the beginning of the IVA and stay the same throughout the term regardless.

They do not want to consider the BR route.

Can they have 2k of council arrears that have attracted a liabailty order put into a IVA. I am not sure, I think so but you would need to check this with an IP

Do you have to have a min of a disposable income to be accepted for a IVA. It is usually around £200 as a minimum but there are some companies who will propose an IVA for less, ensure whoever you go with do not request upfront payments, there are reputable companies who do not request any payments at all unless the IVA is approved


If circs change i they reunite with their partner who is unable to work because of ill health can the amount be reduced to show a new I & E.

As I said earlier, payments can vary, an IP has the authority to reduce payments by 15% without going back to creditors, more than this and a variation meeting has to be organised and creditors need to agree for a bigger reduction

Hope this helps

milliemonster

sundays wrote: »

Ive been asked to help someone but dont know a huge lot re an IVA.

Is it always 75 percent that is deducted. The person owes 30k approx. Absolutely not, an IVA once successfully completed can write off a portion of your debt but this depends on many factors, in an IVA you pay over all your disposable income once your essential bills are taken from your income, but obviously if your income increases over the term, you will pay more, your will never pay more than what you originally owed but could end up paying back 100% of your debt (if your income increases significantly for instance) it is not a case of payments are worked out at the beginning of the IVA and stay the same throughout the term regardless.

They do not want to consider the BR route.

Can they have 2k of council arrears that have attracted a liabailty order put into a IVA. I am not sure, I think so but you would need to check this with an IP

Do you have to have a min of a disposable income to be accepted for a IVA. It is usually around £200 as a minimum but there are some companies who will propose an IVA for less, ensure whoever you go with do not request upfront payments, there are reputable companies who do not request any payments at all unless the IVA is approved


If circs change i they reunite with their partner who is unable to work because of ill health can the amount be reduced to show a new I & E.

As I said earlier, payments can vary, an IP has the authority to reduce payments by 15% without going back to creditors, more than this and a variation meeting has to be organised and creditors need to agree for a bigger reduction

Hope this helps

milliemonster

oops double post sorry!