how much disposable income would i need

[eddie.d]

I have filled in the wizard "do you qualify for an IVA" and it as responded with "bankrupcy" being the best option because quote "Your disposable income is not high enough to support IVA repayments".My disposable income is 200 pound a month with a debt of 19K!(not a home owner)
So what i like/need to know is how much disposable income would i need?
IVA is what i'm looking for NOT bankrupcy.
Thanyou for any feedback

[Sadsack]

Hi eddie

I guess there are some of us who just cannot sleep!!!

As far as I know, I am sure someone will come along and correct me if I am wrong, to fund an IVA, you will need to have to pay in a minimum of £250 per month. On debts of £19k, this will in effect have you paying £15k over 60 months. Depending on who your creditors are, some require a minimum return of 41 - 45p in the £. However, this does not mean you should not approach some of the very reputable companies who regularly post on here and get their advice.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[aguise]

I agree with Sue. Get further advice. If you post your creditors, income, disposable income after all your living costs. Then advice will be along.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

There are some IP firms who will take on cases where you can only afford £200 per month. I think that Cleardebt are one you might like to try.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi Eddie
I would still look into an IVA or even a DMP,speak with several companies and the ones that post on this site are all bona fide.
We have seen cases of IVAs with payments of less than £200 and with the recent changes to IP fees IVAs have become more attractive at these figures to creditors than they used to[but less attractive to IVA providers!!]
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Andrew Graveson]

Hi eddie.d

A DMP certainly appears viable provided that £200 is sustainable and represents a fair offer to the creditors.

A DMP will take longer to clear the debt than an IVA would so perhaps could it should be kept as an option in reserve in case an IVA isn't possible.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk