Hi, ive looked around a few companies and have decided to go with payplan. They have worked out that i can pay £81 a month for 60 months, which doesnt seem alot to pay creditors back with a debt of about £15k, plus with the IP fees.
Have i got any chance with that return that the creditors will accept the proposal? or is it more a case of they would rather get something back then nothing?
Hi. Payplan are about the only company who will take on an IVA at that level of repayment, which they can do as they are funded by the creditors as well. It does boil down to getting something back, rather than nothing.
If your debt is under £15k a DRO might be worth looking at, if you have no assets and the disposable income can be brought down to less then £50 per month.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We also do low DI IVAs (down to £70 per month) and I'd happily draft a case at that level.
Companies don't put cases forward that they don't think will be accepted - it's a waste of everyone's time. If they've agreed you at £81 and that's reasonable for your affordability, go with it.
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I work in insolvency as an IVA Drafter. I've been working in this industry for over 7 years and have seen every scenario you can imagine. I am experienced & knowledgeable in this field, so if I can offer any assistance to anyone, I'll be glad to help.
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The opinions posted in this forum are mine alone and not those of my employer (though I'm sure they'd agree with me!)
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thanks for the replies nice to know, just wondering, they need my bank statements, do they look through it fully to see what ive been buying and spending money on?
They just want to see what your regular outgoings are, but will question it if, for instance, there are large regular payments to the local betting shop.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
