www.iva.co.uk

Hi Readers,

I started a joint IVA with my wife last November (2006) and was wondering if anyone knew the minimum payment the IVA company would accept to end my repayments ?

I currently pay £1,250 a month and have made 10 payments and missed 1.
My total repayment is £1,250 * 60 = £75,000
I have paid £1,250 * 10 = £12,500
Fees are £3,000 initially and then £1,500 a year = £8,500

What would be the minimum I would have to pay to end this IVA ?

Any help would be appreciated.

Regards,
Wanting to be debtfree !!!

Hi
Between 58 and 60k presuming that you have no equity clause in your IVA.Your proposal will have to be agreed by your creditors.Can I ask where the lump sum will come from ?
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

It will come from parents. I don't have it as yet and if I did am sure IVA company would take it. I didn't think it would be as much as 58-60. As I have paid £12,500 and fees left to be paid to the company is £7500 surely a figure of around £50,000 would be closer to the mark.

Hi
Your IVA requires you to pay in 75k and you have paid in 12.5k,you will also get a reduction on IP fees of about 4.5k,leaving 58k to fund,plus a variation meeting cost.
There is a chance that your creditors will accept less but your IP will need to demonstrate that you will be unable to return the 75k with a good reason.
Regards


Andy Davie
IVA.co.uk Spokesperson

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

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