IVA question

plonker

Posting on all different boads I know but trying to find the best solution for both me and the OH

Question on IVA - What's the lowest amount they would accept in payments, probably varies but an idea would be great

:beer:

chevalier

I believe it would be in proportion to your income. However please take free advice from either CCCS or Payplan (links at top of the forum), before going down this route. It is pretty inflexible in terms of making payments, ie if you agree to pay your creditors £300 a month, then that is what you HAVE to pay. If you are unable to pay then any one of your creditors can make you bankrupt.
So check out some free advice before making a decision.
chev

james32_uk

Absolutely check first with Payplan or CCCS. To answer your question the amount you offer depends on your income and expenditure. Your IVA will take all your surplus income and this amount can (and normally will) go up if your income increases or you receive any windfall.

A year or so ago 25% would have been a minimum decent offer but these days many creditors will need at least 40%. Northern Rock and HSBC are two that I know of that demand a high return. Dont forget the fees for the IVa need to come out before this % is calculated and this is likely to be in the region of £8k+. Therefore paying back £50k of a £100k debt would only be a return of around 40% to creditors.

harveybobbles

My advice: When doing an IVA, if you spend £50 per month on petrol, tell them you spend £60. If you spend £30 on your mobile, tell them its £40. Always leaving you with a bit extra each month. They wanna know what you earn, less what you spend. That difference is what the IVA payment is...

I pay back 32p in the pound for my 26k debt...