I echo kallis, ring around before you commit to a company. There are one or two companies that post on here that seem to give an excellent service throughout the period of your iva.
An IVA does seem the best way forward for us - If it is truely £368 per month then this should be affordable for us - I know I will continue to worry until it is all sorted out and thank you all for your positive vibes over this - It is refreshing to hear and speak with people who have gone through what we are going through - A breath of fresh air
At the end of the day you set your disposable income, by nature of your actual earnings and actual expemditure, so you are the one who decides whether the payments are affordable - of course within recognised guidelines to ensure a successful IVA outcome.
Could someone answer me - What is a realistic figure to have spare to pay out on an IVA - I know the minimum is £200, I would like to keep to this if I can - There must be other items such as memberships that we can add onto our expeniture? We have been told a food allowance for two should be £325 - a Clothing allowance of £50 for both of us - do these figures seem fair?
They are higher than CCCS guidelines, but if that is what you spend then that should be acceptable to creditors. To work out a realistic figure, take your income on one side, deduct all of your monthly expenditure and see what is left to offer to creditors. Certain memberships may be allowable, so long as they are justified.
If you are rejected, you can eithr do a debt management plan or bankruptcy.
Hopefully it won't come to that!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am afraid that we are not allowed to publish CCCS guidelines on this site - as they do not like people to use them to base their expenditure levels! A good insolvency practitioner will be able to give you guidance as to the figures allowed - but can I stress again that they need to be based on what you actually spend.
Hi Jonathan, we were repossessed and as Andy said, an estimate of the shortfall was included at the time the proposal was put forward. I actually don't know what the final figure was, as I don't know what the house sold for etc, but I am assuming our IP has sorted this all out.
As for allowances...really, as Melanie said the idea is to pay back as much as possible to creditors. We are allowed a contingency for things going wrong and the allowances we are given for everything else are manageable.
I have been told that you are allowed a cigarette allowance of £12 per person per week - I know, cutching at straws - at present we have certainly spent alot more money than this on our habit - so wondered if the allowance would be acceptable to add into the expenditure form
I'm not a smoker although I think I have heard before that there is an allowance for those that are. If you spend more than that it will have to be found from elsewhere in your allowances, I imagine.
Thanks for this - i think we have finally worked out our expenditure with some serious cutbacks, leaving £201 disposable income for IVA which should work
If you do smoke you may find that you have to fund this from your other allowances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
