unsecured debt of 55,000, what would repayments be

[mjh]

Hello
For a total unsecured debt of £55,000, what would the monthly repayments on an IVA be ?

[steve532]

Hi mjh.
Welcome to the site. You question im sorry is not as easy as £55000 = ?????? You have to work out your disposable income. Wages minus living expences (dont include any unsecured debt) and this is the amount you pay as long as its greater than 25% or in somecases 40% of your debt. An IVA could be for you.
Be Lucky

steve

[steve532]

Hi mjh.
Welcome to the site. You question im sorry is not as easy as £55000 = ?????? You have to work out your disposable income. Wages minus living expences (dont include any unsecured debt) and this is the amount you pay as long as its greater than 25% or in somecases 40% of your debt. An IVA could be for you.
Be Lucky

steve

[MelanieGiles]

Hi mjh

As Steve says, this is dependent upon an awful lot of factors - but primarily how much can you afford. Work that out first before you decide whether an IVA is an option. I have a format on my website which you might find useful to print off and use as a template.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

Hi mjh

As Steve says, this is dependent upon an awful lot of factors - but primarily how much can you afford. Work that out first before you decide whether an IVA is an option. I have a format on my website which you might find useful to print off and use as a template.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[neverending]

If your IVA is accepted then the payments will be your disposible income, regardless of the debt amount.
Well thats what it should be !!
To give you some idea,
On a debt of 55k you will need to pay about £370 per month to return a 25p in the £ dividend .
On a debt of 55k you will need to pay £500 per month to return a 40p in the £ dividend.
Hope this helps
Regards

[lesley]

My total debt is roughly the same I am offering £420 a month works out at 31p in the £. Creditors meeting in just over an hour I'll let you know how it goes.

[hallway]

my debt was 56k and my iva was approved last thurs at £580 month good luck