My IP is now saying it is basically accept it or it will fail, Lloyds TSB are the sticking block which accounts for about 25% of the debt £13000, from a Personal guarantee from my Ltd.Co. which went insolvant.
With this repayment rate they are looking at a dividend of 79%. Although the payments are potentially OK they leave no room for any emergencies or currency fluctuations etc.
I suppose the best thing to do is accept and if anything changes take that hurdle when it arises? Any thoughts anybody? I know The IVA is meant to be painful but i really thought it was also supposed to start out as genuinely workable?
kallis3 wrote:
Hi and welcome to the forum.
That is a big hike in proposed payments! Not sure about the housekeeping allowance but you are only allowed £22 a month for Sky - anything extra has to be funded by savings from other allowances.
Your wifes income will be taken into account to make sure that you are each paying your fair share into the household budget.
Can you afford the extra payments?
hopefull.