is 45p in the pound reasonable or too high?

[ian.m2]

hi there, i am currently pursuing an IVA through McCambridge Duffy LLP.They are telling me that 45p in the pound would be the minimum they would approach the creditors with ,as Northern Rock is 31% of the debt.Is this a reasonable? or do you think its to high?

[Jo Rolland]

The only way to ascertain if this is too high is if it was not affordable to you. The dividend is dependant on your surplus income and is based on your best offer.

I assume that you have been informed that an IVA is in no way guaranteed with NR being 31%?

[carlmcmullen]

There is no such thing as dividend that is to high unless you are paying back more than 100p in the £.

An IVA is best offer and needs to reflect your True income and expenditure.

I would be a little concerned that NR represtn 31% though

[cr15py]

For the industry average, 45p is about down the middle from what I have heard. However, as the others say, it is only reasonable if you can afford it, and it is as high as it reasonably can be. We have seen IVAs approved below 20p/£ I believe, and they can go right up to 100p/£.

[size5]

The PR face of NR will tell you that every case is judged on its merits, which is how it should be. If that is the case, proposing a minimum dividend when that may not be sustainable or affordable is very counter productive.
Make sure you can afford it before going forward.