A little advice needed please!

theblades

Could anyone tell me what the minimum pence per pound and the minimum monthly repayment that would be accepted on an IVA. After doing some research i thought it was 25p per pound and £200 a month which would be to high for me. But then someone said they pay £130 a month which they think was 18p per pound. I understand it is worked out on your expendable income, but im a little confused.
After doing all my figures for hours and hours, my expendable income is £170 a month, if i did a 6 year iva this would work out at £12,240. this works out at just under 22p per pound as my debt is 56k.
A million dollar question i know but is this likely to be accepted? Has anyone had one accepted for less?

Many Thanks

FoggyBrain_2

I have seen as low as 9p in the pound accepted. As you say it's all based on your disposable income. which you really need to calculate correctly before you can decided what can and cannot be paid.

As for minimum payments, it really depends on what is commercially viable and some companies do go as low as £100 monthly.

Might I suggest you pop over to https://www.iva.com and have a word with a few of the companies there. First of all they can tell you a lot more about IVA's, but they can also help you arrive at a more accurate figure. The advice is free and without obligation.

FavDaughter1

hi, i've seen lower offers accepted too.

the I in IVA is individual,it's based on what you can afford,you can't give what you ain't got.

our offer was lower than yours & was accepted with no problems. who's your IP?

theblades

Thanks for the replies

To be honest i havent decided who to go with yet. I wanted to work out what we could afford first as i didnt want to get pused into something. Can you recomend anyone?

I hope you dont mind me asking, but how much do you pay a month and what does it work out to be in the pound?

Its really tricky because i really dont want to get turned down but i dont want to make it so hard we cant live as we have a young family to look after.

Thanks again

FoggyBrain_2

One IP I would strongly recommend would be Melanie Giles. You will get a lot of help and they won't push you into anything. I would also suggest you have a look around the forum at https://www.iva.co.uk A few IPs post there and you can see how they work.

Also have a look at the beatmydebt website. They have a Living Expenses Guide there, you can download. It gives you an idea of what sort of things you can claim for, with guide allowance amounts, which will help work out the figures.

I pay around £450 per month, which will be around 30% of the debt at the end of the day.

FavDaughter1

hi, ours was a Full & Final IVA so a bit different to you.

try not to get hung up on what Joe Bloggs is paying, as long as creditors can see it's your best offer you'll be fine.

i would check the link Foggy posted re allowances, know what you're entitled to beforehand. don't be tempted to "go without" allowances, 5/6 yrs is a long time,things break ie cars. being realistic gives you the ability to see it through!

our IP was Melanie Giles. we also spoke to McCambridge Duffy who have good feedback.
post who you're thinking of using& people will post their experience.