www.iva.co.uk

Hi there,

I am in year 2 of an IVA. At the time of entering the IVA I owed approx £23000, which has been reduced to approx £19000 over the 5 year term. I keep reading about 75% or 80% reduction in debt when entering an IVA, which I clearly did not receive. Can you advise me please if this is what I should have been entitled to, or is it an average figure?

Many thanks,
Lee

Hey Lee, it's different for everyone. You pay your disposable income into the IVA, you obviously had more to pay, which is great. X

That 75 - 80% is very misleading and should not be taken as read. It's about time they regulated these adverts so they don't make people think that they can do that.

Some people manage to pay back 100% of what they owe in an IVA, others pay a much lower amount.

As Viki says, it varies from person to person.

They are regulated - firms are not allowed to say this any more, so I guess the advertisement this poster originally saw was prior to the OFT stepping in last year.

Just goes to show how behind the times I am!

I have just googled and have found acompany that advertise it as writing off up to 75% so i think they are still about.

tryingtogethelp wrote:

I have just googled and have found acompany that advertise it as writing off up to 75% so i think they are still about.

Would you happen to recall their name? I would be interested to see if they are breaching the OFT guidelines.

In response to the opening post, I might controversially suggest that an IVA is about maximising the return to creditors as opposed to trying to get away with repaying as little as possible.

There is no entitlement to a minimum figure. You pay what you can realistically afford.

Can i post the links i have seen them?

There's loads still advertising writing off up to 95% of debt. some can be found on the google adverts on this site!

Like Pixie says there are loads of them. Google brings up a fair few.