Whats the max % debt an IVA can write off? (80%?-I know depends on Expenditure etc)

Galeeno

I know the % of debt an IVA can write of depends on your income/expenditure and what can you afford.

a) But what has the max cases of % been, of % debt written off after the 5 years of the IVA ?

75%? 80%? 90% even ?

b) What has been the highest % of debt written off(even rare cases)...which again I know depends on factors such as income/expenditure etc..

c) these high % (75%-80%) can be written off but they are also exceptional cases.? What do they mean by exceptional cases ? examples ?

d) and is it, the higher the % (eg 80) the lenders can 'reject' the IVA to be accepted? (as the % is too high that they will lose? ) - or they dont base their rejection based too much, on the % ?

a) b) c) d) ?

sourcrates

Writing off a hugh percentage of your debt is really a myth, in an IVA you will list :
(A) your income
(B) your expenditure
(C) whats left from A - B = what you pay to your creditors.

your payments are structured over 60 months normally, you pay your monthly payment, and after 5 yrs yours debts are satisfied, no matter how much you originally owed, for example, if you originally owed £100.000 and you paid your creditors £500 per month, over five yrs you would pay £30.000, and the remaining £70.000 would be written off, but if you had assets ie, a house, you would have to remortgage in the final year to add more cash to the pot so to speak, but if you have no assets then you don't pay any more. If your debt was £30.000 and you paid the same over 5 yrs then none of your debt would be written off, it all depends on your individual circumstances. Hope this helps.

UpToMyNeckInIt

There was an extreme case I came across a few Months ago for a full & final IVA of £75,000 against a debt of £24,665,035. That's 0.3p in the £.

Makes my 36p/£ look positively generous!!!

As stated previously though, how much you pay back is worked out on what you can afford to.