iva?

eddyboy121

I'm currently considering going on an iva. My question is how do they work out how much per month you have to pay back? is there a rough way of working it out?

Thanks in advance

Foxy-Stoat_3

You pay however much you can afford to pay.

IVA's normally need to achieve 25% of the debt, but some have been agreed slightly less, maybe with equity release from a property.

Have you contacted a IP yet?

FoggyBrain_2

Basically you add up your total monthly income, then tally up your total essential outgoings (minus debt payments of course). Take outs from ins, and what is left is the monthly repayment.

This is recalculated at least annually.

Depth_Charge

eddyboy121 wrote: »

I'm currently considering going on an iva. My question is how do they work out how much per month you have to pay back? is there a rough way of working it out?

Thanks in advance

Hi

Might help to have a look below at the BIS straightforward IVA protocol and other information etc

http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/foum2007/plenarymeeting.htm

http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/foum2007/The%20Simple%20Consumer%20IVA%20Protocol%20-%202010%20version.doc (section 7.3 downwards)

By their nature though an IVA is an 'Individual' Voluntary Arrangement and not all IVAs have to be protocol compliant.

Have you had comprehensive independent advice on the pros & cons of IVAs and all other debt remedy options?

eddyboy121

Foxy-Stoat wrote: »

You pay however much you can afford to pay.

IVA's normally need to achieve 25% of the debt, but some have been agreed slightly less, maybe with equity release from a property.

Have you contacted a IP yet?

No i haven't yet, but am not also sure exactly what i can afford either. my wife is expecting our first child in september so i'm expecting my outgoings to change slightly. Who are the best people to speak to about ivas?

eddyboy121

FoggyBrain wrote: »

Basically you add up your total monthly income, then tally up your total essential outgoings (minus debt payments of course). Take outs from ins, and what is left is the monthly repayment.

This is recalculated at least annually.

So basically that leaves you with nothing?

FoggyBrain_2

eddyboy121 wrote: »

So basically that leaves you with nothing?

Yes -- but everything you need is paid for --- food, petrol, TV, power, haircuts etc etc.

As for finding an IVA company, you could go to a site, I am not allowed by this forum to mention anymore (google iva forum), there is a list of reputable firms, with reviews. Speak to at least three ( it's free and without obligation) to compare advice and see who you get a "feel" for. You will be working together for at least 5 years.

A good firm will discuss all your oprions, including DMPs and Bankruptcy -- but the course you choose will be up to you.

Best of luck.

eddyboy121

thanks for the advise, much appreciated.

I'm already on a dmp with the cccs and it was them that suggested an iva. I also dont know what my exact debt is due to a property i own with an ex. looks like it may have to go to re-possession, so until that happens how do i know what i owe to creditors to speak about an iva?

FoggyBrain_2

Discuss this with your chosen firms, they wil be able to advise. In the menatime read up all you can :-)

Anondebtadvisor

Speak to a few companies to get a feel for whcih one you feel comfortable with :-)

These days 25p in the £ is a very good return - i know of one that was accepted a week ago @ 3p in the £.

It just depends on your circumstanes