Iva... how much?

R_USS

Hi guys, based on approx £42k off debt... how much would be expected do you think to be able to arrange and successfully setup a Iva?

Is there a calculation out there that is generally used as reference to give you an idea of what you need to be able to afford based on amount owed?

Cheers

FoggyBrain_2

Hi there. No such calculation I am afraid. the repayments are based entirely on your disposable income. If you opo pver to beatmydebt website they have a living expenses guide which will show you what sort of things you can have as expenses (with guideline amounts). Take your allowed expanses away from your monthly income ... that will be your repayment.

cheesedoffwithdebt

HI- I think that creditors do expect a minimum dividend for their debt- so ignore the ads about writing off 75% of debt- there were all kinds of rumours when I set up my IVA in 2010 but I will end up paying off about 40% of the total debt and that was calculated using a statement of my income and expenditure. So you need to do that first, and then a good Insolvency Practitioner should let you know if they think the proposal will be accepted- but they don't accept just any amount- so if your available repayments are low, you might have to look at the other options available- I hope that helps.