The answer to your quesiton is what you cant afford to repay back, dont be mislead by the adverts saying write of 75% of your debt, it is simply what you can afford to pay back and no set of circumstances are the same. However, from what you are suggesting it does seem a little low to be honest, £14...

Normally if you are not able to release equity in the final year of your IVA then creditors would expect you to extend your IVA by a further twelve months in liue of this equity. However if there is no equity there based on 85% LTV then there would be no reason for an extension. So if your IVA was p...

Hi,

Maybe one for the experts but i would suggest yes a councillor can enter into an IVA.

However i think you would need to check the terms of your appointment and the small print.

Sure an expert will be along shortly.

Carl

Hi, I am assuming that your IP would have known your intentions with the property and a provision should have been made for an estimated shortfall, but it is always difficult trying to estimate the shortfall. They are bound by the arrangement, and depending what was drafted in your original proposal...

Hi, All creditors should have been notified when your IVA was being set up including your mortgage company. Although they would not have voted as they would rely on there security (the property), however if the event of a shortfall then yes they are bound in the IVA like everyone else. There are a f...

Hi,

If the debt has been formally assigned to Capquest then i suggest they will probablly vote in favour of an IVA, if they bother vote at all.

If you tell us a little more about your circumstances (debt level, disposble income etc) then i can give a more accurate answer.

Carl

Hi Brandon, I am sure somebody else will be along shortly with further answers. The first part about your debt being written off, i expect it a percentage will be written off. Easiest way to work this out is take your monthly payment and mulitply by the term of your arrangment (i.e £1000 x 60 months...

Bob, If you pay of your bigger creditors then this can be seen as a preference, by prefering a creitor this will jepordise the chances of an IVA. As you can imagine the other creidtors would not be happy with getting xx p in the £ back when another creditor gets paid in full. I would suggest you spe...

Hi Natalie, Once you have returned your proposal back to The Debt People they will send a copy of this to your creidtors and have to give anything from 14 - 28 daya notice of the meeting, given we are on the 15th July and your meeting is on the 13th August then i would suggest they are using the max...

Hi Adrian, We would need to know a little more about circumstances. How much is your proprty worth and what is outstanding on the mortgage. An IVA is intended to protect your property but should there be a substantial amount of equity then an IVA may not be the best way to deal with your debts. Also...

Hi, Once your IVA is approved then it is normal for your creditors to request the modification for overtime to be paid into the arrangment. The modificaiton reads something along the lines of... Overtime, and bonus payments were the sum exceeds 10% of the normal take-home pay must be disclosed withi...

Fingers crossed for the 22nd May then....

I am sure with those creditors and that dividend, providing you are making you best attempt, the proposal should be accepted.

Hi G.BM

Your nominee would not be putting the proposal forward if they did not think it has a real chance of being approved.

There is no longer a minimum dividend (other than HSBC who ask for 40pin £) so it should be fine.

Can you tell us who your creditors are ?

I would not say there would be a problem in setting up a company, there is nothing to say you cant. However you need to consider the restrictions you have on obtaining credit, and will this restrict your intended business, the company would have to be set up without taking on a loan and you may also...

Hi Jojo,

As everyone has already suggested speak with your IP.

Normally your proposal will make provisions for this and allow a payment break to get the essential repairs.

Then as you say either tag on the end or make up over the following months.