Realistic Payment

[rayb]

Hi,

Would just like to get some advice. What is a realistic monthly payment on an IVA. I owe £37611.

I am at home with my parents, own my car (worth about £1100), pay CSA of £278.00 per month. My Annual salary is £23296 taking home around £1466.45

[Adam Davies]

Hi
The payment will be your disposible income that you have left after you have paid your essential living costs.
To give you an idea if you paid £350 per month into your IVA it would return a dividend of approx 40p to your creditors.
Can you post more details ?
Regards

[rayb]

Hi Andy,

Here are my outgoings (already in an IVA - should of mentioned)

£160.00 Rent to parents
£171.20 Monthly Travelcard
£368.00 IVA Payment (was originally £300.00 to start)
£278.00 CSA
£100.00 Petrol (to collect Daughter etc)

Obviously does not include haircuts etc etc

[ianmillington]

Hi

So notionally, before taking stuff like clothing and pocket money into account you have £389 per month to live on? What other expenses do you incur?

Given that you are already in an IVA would I be right in assuming that your Supervisor is pushing for an increase?

Ian

[rayb]

Hi Ian,

Probably just the other normal expenses like going out (day trips etc), hair cuts, food, pocket money, clothing.

And yes they probably will be looking at increasing but there is no way I can really with what I pay out already. I am with Blair Endersby and I am not impressed as when I had my 1st year review they whacked up my payments because I was earning a bit more than when I first started. I had been sending my wage slips in quarterly at there request. This will be my 2nd year

[iva experts]

Hi Rayb,

If you get a payrise than your I.P would definitley need to know about it, usually this gets offset by expenditure increases but as your IVA was just starting you didn't get this option.

Remember in an IVA you must pay your creditors as much as you possibly can, however if you feel your unable to live I would contact your I.P.

[MelanieGiles]

At the annual review stage you simply need to honestly write down what your actual expenditure is - as presumably you have been monitoring this over the last year? If the IP feels that your expenditure is excessive, he/she will discuss this with you and you will probably come to a happy medium. No IP would want to push their client into a situation where the IVA might fail.