hello
i have a debt of 39.500 and i have applyed for an IVA and i had an offer of 301 per month, i was wondering if i can find another company with less monthly payments?
Your monthly payments will be decided by the amount of disposable income left after all your priority debts have been paid and allowances have been made for food, petrol etc. If £301 is what is left, that is what you will be expected to pay. Obviously you should strive to pay back as much as possible to your creditors whilst being able to live a reasonable life.
If you cannot afford this, then you do need to speak to another firm to get a more realistic figure.
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
If the reason you're not happy about the payments is because you can't afford them then you either need to speak to the IP proposing your IVA and explain this. If they won't agree to amend the payments then I would take a second opinion from another company.
If you just don't want to pay that amount then I would say that an IVA probably isn't the right way forward for you. In that case you need to take advice about your other options - a DMP or bankruptcy.
Welcome to the Forum. Visit www.iva.com where you will see reviews of several practitioners who may be able to give you appropriate advice.
One thing is for certain you should seek a second and maybe a third opinion. The advice will be free.
Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Is it a case that you feel that the payments are unaffordable, or that you just would like to pay less? Mosts IPs now follow set industry guidelines with regard to allowable expenditure - because the same guidelines are operated by most lenders when deciding whether to accept IVA proposals, so you may simply find that another practitioner will calculate at the same level. But as David says, no harm in getting a second opinion.
