www.iva.co.uk

the thing i would like to Know is that when i read some of the feedback on the forum, how does someone with huge debts get such a massive debt write off.
What i mean is that i have seen and read people on the forum who quite openly owed loads more than i did and with double the debt
and there repayments are less than mine.

EG someone owing say £35000 has 60 months repayments of £250 per month
and some one owing £20000 paying £350 per month
and the person with the bigger debt is paying less in the £ and has a bigger write off

how do they work it out i am happy with my IVA anyway but it is always
something that i find strange.

I think Andrew it is down to ability to pay back. That is what the income and expenditure is for, so in effect though you may owe more you may have less disposable income than someone with lesser debts. Therefore more debt is written off. That is how I see it. Hope that is sort of right.

Ang

Hi Andrew ... Ang is right, it's not what you owe but what you ae able to pay back (disposable income) that determines the outcome. In an ideal world we would all be able to pay ALL our debt back.

Debbie

Spot on I think Ang[;)]

I never compare my payments to anyone elses on the forum as an iva is individual to that person and you pay back asmuch as you can afford. Another person with the same debts as mine could have completely differing circumstances and pay back a different amount to me, so I never bother to compare mine to anyone elses.
I am just grateful for my iva an could not have gone on without it[:)]

All valid points, don't forget that the only debts included in an IVA are unsecured, many people have substantial secured loans which account for a large portion of disposable income. It is worked out fairly, as Ang & Debbie have said, on what you can realistically afford after all your bills are paid.

Sorry, it has just occured to me that maybe some people earn more or
less than myself and that is how they work out the disposable income.
I don't seem to have my head screwed on today[:)]

It's all down to disposable income but I do think it also depends on how much(or little) the creditors are willing to accept. As it's based on individual and personal circumstances it is open to wide and varied differences
xx