www.iva.co.uk

Hi,
I am needing a little bit of advice/support. me and my wife started the IVA plan in 2010 after doing a year on a debt plan.
we had something like 35k to pay back. I am just waiting for this 12 monthly figure to come through but my estimates is that we should have 9-10K left for the last 2 years, 500 per month fee. so that equate too 12k in the next 2 years far more than left. also they actually want to increase my payments how can they calculate this out? i am aware they need to get as much back as possible but with PPI being paid in and obvioulsly the calculation above i will be paying 110% of original debt, it was also my understanding that most IVA are 30-40% of debt to pay back?
I have argued until i am blue in the Face with them but they still insist on only leaving me £550 per month to live on between 2 of us. £68.75 per person per week. that is fuel and food and no life? surly that is close to the poverty line and against human rights or something lol. But seriously if i am paying so much back how can more be requested? if me and my partner wasnt earning so much we would be paying less back, yet for working hard we get penilised more? Also if i could remortgage i could wipe the debt off,,, but can't due to IVA,
So frustrating need help and advise and confidence it will ok be ok.

Hi. The main point of an IVA is that you pay back as much as you can afford -- so, if your income increases, so does your payment. Don't forget, during the time in your IVA you are not paying interest, so, even if you pay back 100% of the original debt, plus fees, you are still saving money.

Many get around 40% written off, yes, but many also manage to pay 100%. It all depends upon individual circumstances.

Incidentally, £550 per month for the two of you is quite good --- I had £460 when there were two of us plus a child!

Good response foggy. Yes that are the facts. The more you earn the more you pay back.

We only have £650 a month to live on inc petrol for a family of 4! An IVA is isn't easy and at times gets you down. But just look how far you've come. Your on the homeward stretch now.

How much did you have to live on before going into your iva?
You say there is no life. But did you have one before going into a iva?
In my case I had more to live on and my life change for the better.
A iva is hard at times, but I know I was better off in one, then I was before with trying to pay all my debts each month.

the repayments are based upon disposable income, some of us have more than others. Either way interest is frozen and you're protected from your creditors. Like Kev I was better off in an IVA as my priority pre-IVA was paying my creditors, after acceptance I had allowances for everything that I used to skip on before.

Can you do any overtime? that way you get to keep your share and boost your disposable income whilst paying a share into the IVA too.

And don't forget what you have already paid in includes your IP fees.