minimum disposable income needed for an IVA?

[Desperate71]

On 30000 debts what is the minimum disposable income needed for an IVA?

[Adam Davies]

Hi
I think 180-200 pounds in general but you may find some IPs willing to propose an IVA with lower payments than that.
At the end of the day your payments must be affordable and as much as you can reasonably pay
Regards

[MelanieGiles]

IVAs are not put together in that way. IVAs are based on a calculation of your actual disposable income, and then this is applied on a multiple of payments (less costs) to the amount you owe to creditors.

if you try and answer your question, you are almost working back to front and this could lead you to make decisions with regard to expenditure which could lead to cutting corners and eventual financial difficulties into the future.

[Desperate71]

Thanks guys my problem is I have spoken to two different people and they have come up with different figures depending on what is included in the outgoings add to that a third figure which is our own. I want to be sure of what we are doing before we go any further.
Melanie - I would complete your form but based on above I do not know what to put as outgoings figure!

[Lisa2009]

You need to put down the true figure for your outgoings

[MelanieGiles]

Absolutely - you need to complete the details based on your own actual expenditure. If this is in excess of the industry guidelines, the IP you choose to represent you will let you know and you can discuss whether economies could be made.

[Shining]

Hi Desperate take a look at www.iva.com here you'll find a list of companies and reviews talk to a couple more and just to let you know the professionals who post on forum do come highly recommended.

Your Income and Expenditure is very important within an IVA thus getting it right in the beginning helps make a successful IVA.

All the best and welcome to the forum. x

[size5]

Indeed. The cornerstone to any debt solution, whatever it may be, is a fair and reasonable budget that allows the debtor to have a reasonable standard of living whilst also giving a reasonable return to the creditors.

As such, your debt solution should be driven by what you can afford and not "made to fit" as that could be a recipe for disaster.

Regards.