struggling to make monthly payments

[te5]

Ive got 4 visas 1 store card 1 unsecured loan total debt 35000 struggling to make monthly payments but not in any arrears household income is 1350 p/m 120 child benefit and 240 working family tax credit could you help my situation?

[size5]

Could you try and work out how much you need to fund essentials each month? Rent/Mortgage, council tax, utilities, food, travel etc, but not debt repayments?
Also, are you a homeowner or tenant? If homeowner, how much equity do you have?

May be able to give you a better idea then

Regards.

[iva.com]

Hi te5, We would need to know more details about your monthly expenditure to offer an opinion. An IVA for debts of 35K would require at least £260 per month paid into it. You can get a clear idea of your disposible income from the online form on our web site. You can research reviews of IVA providers nationwide on the review boards. Please don't worry even if it doesn't look like an IVA will be suitable for yourself - there are other options available depending on your situation.

Best wishes
Susan Macdonald

[pms9999]

Hi Susan,

My IVA is £283 on 59k that's not much over £260 on 35k?

[size5]

An IVA HAS to be based on the individual circumstances, so in reality the level of debt is largely irrelevant when working out affordability.

I suspect Susans point was to give a rough idea as to how much a MINIMUM payment may be expected.

Regards.

[pms9999]

One of the other IP's I looked at debt free direct tried to tell me that I would only get an IVA for 40p in a pound.

Someone else then told me that they want the the highest monthly fee as the get a % of it?

Sorry i'm hijacking te5's post but I was interested in the minimum.

[size5]

I have to be circumspect here of course, but the higher the fees charged then either the higher the monthly payment needs to be to cover it or the lower the dividend will be. In theory, any IP you speak to will give you the same answer when it comes to a monthly contribution, give or take a small amount. In practice, some larger firms are priced out of looking at some IVA's as their cost schedule will not make it cost effective for them.

In summary a disposable income of £250 may be plenty to cover an IVA proposal with one provider and not nearly enough with another.

Minimum hurdle rates are, or should be, a thing of the past.

Hope all that makes sense.

[Adam Davies]

Hi
There is no minimum
It all depends on the best deal on the table for creditors,we have had IVAs agreed on this forum with 17p dividends and payments below £200.
What can be an issue is commercial viability for the IP and creditors with low monthly IVAs.
I would disagree with Susan and say that an IVA is possible with payments well below £260 but as Size5 states it all depends on the circumstances
Regards

[luluj]

Debt free direct have been super with us -others have had bad experiences. Always on the end of the phone, respond to letters, calls and emails and have been very supportive of our issues when we had to move twice in six months cos of repossession of the two landlords ....... they maybe a big firm but they are very thorough and communicatiative

[MelanieGiles]

It is dangerous to advise that a minimum payment of XX is required to fund an IVA these days. In my experience anything is possible so long as there is a willing client and willing creditors.

[marsha1]

I pay 125.00 a month for 40 months, then 330 a month for the 20 months when my car is paid for, which gives 53p in the pound return. I will end up paying more than this as I will have pay rises over the next 3 years, we work on an incremental scale, so this is in addition to the cost of living rise each year. When I first read about IVA's I really did not think I would be able to get one because I thought the minimum was 200.00, but obviously thats not so.
I guess as long as the offer is the best you can give at the time and gives a decent return to the creditors there is no minimum. Good luck.