www.iva.co.uk

Hi, can you do an iva on shortfalls from a house which has been reposs.

whats the lowest % you will have to pay back, like the max % which can be written off.

last question. whats a rought figure i would pay back a month the very least on 350k

Hi Chris and welcome.

Do you have any other debts as well to be taken into account for an IVA?

You should consider your next move very carefully and I would encourage you to speak to a specialist as soon as you can. You may also wish to visit www.iva.com and have a look round there at all the reviews, recommendations etc. Take time to speak to 2 or 3 people and make your decision from there.

Each case is treated on its merits so I cannot answer the minimum and maximum question, however to try and give you something to work with, if you were looking at a contributions based IVA only, assuming you meet criteria, you would be looking at monthly contributions way way into 4 figures.

Sorry I can not be more specific but I hope this helps.

Regards.

Hi, I was repossessed back in July and my IVA is mostly made up of a previously secured loan that became unsecure and of course the mortgage arrears and shortfall (although the figure for this is not known as the house is on the market, the shortfall has been estimated on the IVA documentation with a final figure to be provided when we know the final outcome)

Just to add to Size's 5's advice that an IVA cannot be proposed if you just have one creditor - so do you have other debts as well as the mortgage shortfall?

Indeed.

However, as a thought, it is very easy to unwittingly transpose the 3 on the keypad for a £ sign and vice versa, so if the debt is not "350k at least" but "£50k at least" then the contributions would not need to be that high.

Regards.

Hi
That's a good point Size,I often make that error
My bet is that it should be £50k
Regards