What`s the minimum I can pay each month on an IVA?

newboy11

Hi All,

Newbie and wondering if you can assist. What`s the minimum one can pay each month on an IVA?

Any advise will be appreciated. Thanks

Depth_Charge

newboy11 wrote: »

Hi All,

Newbie and wondering if you can assist. What`s the minimum one can pay each month on an IVA?

Any advise will be appreciated. Thanks

Hi

Difficult to answer without knowing your full circumstances.

Could you put up your Statement of Affairs (SOA) then perhaps we could help you further.

Whichever route you take in dealing with your debts any payment arrangement has to be sensible and sustainable or you may be storing up trouble down the line.

Have you had advice on all your options such as bankruptcy

Might be worth having a look through the free agency / charity links & debt remedy tools below as a pointer at least

http://www.cccs.co.uk/

http://mymoney.nedcab.org.uk/moneyadvice/

http://www.nationaldebtline.co.uk/

RuthnJasper

Hi Newboy,

As Depth Charge suggests, it really depends on your individual circumstances and how much you have left after your monthly "essentials". I am in my fifth year of an IVA and my repayments started at £350 per month; however, in 2008 I had a rather drastic change in my personal circumstances and was able to renegotiate with my IVA provider - now I only pay £157 per month, but have had an extra 12 months added to the duration of the arrangement.

It's hard to know best how to advise you without knowing more details - but I hope this information is helpful.

BIG point though - DON'T (necessarily) go for any of the IVA firms who advertise on TV or in newspapers - seek impartial advice from the CAB (or other impartial debt advice organisation) first - http://www.adviceguide.org.uk/england/debt_e.htm. That's what I did.

Hope this is helpful sweetie - wishing you better times ahead. xx

Anondebtadvisor

As has already been said it depends on affordability but there are some IVA providers that will do an IVA for as little as £100 per month.

Dont be put off by anyone saying you dont have enough money spare for an IVA because i know of IVAs being accepted regularly for as little as 1.5p to 3p in £.

National_Debtline

Welcome to the forum newboy11

We can only echo the above posters' comments. Monthly payments as low as £100 are not unheard of, but anything much lower is unlikely as the IVA company won't even stand to earn their normal fees, let alone be able to offer creditors any p in the £.

Put your SOA up as it's really difficult to offer anything over than very general comments otherwise. Just be sure you're not having your head turned by the "write off 80% of your debt"-type boasts you see from these companies online and elsewhere - IVAs are good solutions for some but by no means everyone.

Regards

NDL

rexreo7

I Think it is bettween of $157 to $350.

Rex