Hello, I'm into my third year of my IVA, almost there [:D] Anyway I've been reading a few posts on here where people have had the same amount of debt as me and paying back a lot lot less. I owed £20k to my creditors and i am paying back £380 pcm for the normal 60 months. I was under the impression some of your debt was wiped out, I know its taken me 3 years to come to this conclusion but its playing on my mind now. Thanks all..........
Hi Sean. With an IVA its all about your disposable income....and paying back what you can realistically afford to. Your IP is there to make sure that you pay as much as possible to your creditors, whilst ensuring that you have enough to live on. I've been on here a while and have seen some low dividends to creditors, but the title 'Individual Arrangement' says to me that all IVA's are different depending on your circumstances!
Well done on coming this far, you're over half way there now!
In an IVA you are expected to pay across all of your surplus income based on your own income and expenditure.
Sometimes with relatively low debts such as yours, an IVA will pay off most of your debt plus fees.
There is never a "too much" if you are managing to live within your budget and still pay your IVA contributions.
Hi Sean
We started out paying £550 and by the time we finished we was paying £610 due to increase in wages etc and our forecast was to pay back about 60% of the debt and we ended up paying about 70%.....it depends on what you can afford to pay back.
Keith
The long and winding road will straighten out eventually....keep the faith
You pay back whats affordable and the term IVA stands for individual voluntary arrangement,meaning its pointless to compare what you pay to anyone else!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
