minimum monthly repayment for IVA?

sadpootle

Afternoon all

My mum did some research on the 'net about IVA's and she claims she found some info that said IVA companies do not accept less that £250.00 per month repayment; is this correct??

(Also, what is a 'troll' (I keep seeing them on this website...)

Thanks

fermi

I keep meaning to read up more on IVA's, but haven't got round to it yet.

CCCS or Payplan should be able to give you all the advice/info about IVA's that you need (see my signature). They will also help you decide whether an IVA represents the best option.

I can't imagine you would get agreement for much less than £200 per month though, as a very large chunk of this would go towards the fees. The professional advice organisations will know for certain if no-one else here does.

This link tells you about Trolls: http://en.wikipedia.org/wiki/Internet_troll

sadpootle

Thanks for that; am actually doing an IVA at the mo but having probs paying the monthly amount (£271.00). I doubt I will be able to pay any more that about £90 a month so I am considering bankruptcy.

Thanks for the troll info, there are quite a few on this website!

Herbie21

Can I just ask how much your debts were and whether or not you own a property?

Also how long is the IVA for?

Just trying to see whether or not bankruptcy would have been better for you.

Miss_MoneyPenny_4

Most IVA companies do not accept anything less than £250 per month contribution, mainly to do with their own fees that they charge!
Since September though, their fees have finally been capped which is great for all those who want to go that route.

If you are in a rented property, it may well be worth considering bankruptcy. Depends what other 'assets' you have to consider.

Whatever option you consider - ask, and ask lots of questions before you make your mind up!