penny in the pound ? how worked out

hi all

I have read loads on this and other sites and as well as monthly payments to IVA's people mention what pence in the pound are you offering ??
How exactly do you know or work this out
I am guessing that the IP involved does it but for my benefit
how does it work'
Many thanks
LL

Replies

  • It's basically:
    proposed total repayment - (IVA fees divided by total outstanding balance)

    So if you owe £50k, propose to pay back 60*£420 payments (total £25.2k) and IVA fees are £8k it will look like this:

    (£25,200 - £8,000) divided by £50,000 = 34.4% or 34.4p in the £.
    Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
    Debt free 21st Oct 2011.

    All thanks to :money:
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