Posted: Mon Jul 29, 2013 8:01 pm
What is the maximum monthly payment the IVA company can force you to pay?
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What is the maximum monthly payment the IVA company can force you to pay ?
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Posted: Mon Jul 29, 2013 8:17 pm
Whatever your disposable income works out at -- that is what you agree to pay during the IVA -- if the D.I increases, so does the payment.
Posted: Mon Jul 29, 2013 9:24 pm
Hi and welcome. IVA's are entered into voluntarily and you will agree to pay your disposable income into this. Allowances for many things can be claimed so although you won't be living a life of luxury you are able to live a frugal lifestyle.
If you are fortunate enough to repay a 100% of your debt including IP fees and maybe some interest your IVA can conclude early.
If you are fortunate enough to repay a 100% of your debt including IP fees and maybe some interest your IVA can conclude early.
Posted: Mon Jul 29, 2013 10:14 pm
Hi colin.
Just so uou have an idea I pay 821 a month into my iva. I was lucky to get a big promotion just as I reached crisis point with my finances so my disppsable income is alot higher than it would have been a few months higher.
It just means im paying approx 80p dividend to my creditors and my view is I never intended not to repay what I owe but with the iva there is an end date and interest stops. Its such a relief having cash to be able to apend from my allowances rather than rely on credit for essentials like food and petrol.
Good luck and my advice would be to take a coiple of opinions from the experts on the forum rather than sign up with the first company you speak to.
Cm x
Just so uou have an idea I pay 821 a month into my iva. I was lucky to get a big promotion just as I reached crisis point with my finances so my disppsable income is alot higher than it would have been a few months higher.
It just means im paying approx 80p dividend to my creditors and my view is I never intended not to repay what I owe but with the iva there is an end date and interest stops. Its such a relief having cash to be able to apend from my allowances rather than rely on credit for essentials like food and petrol.
Good luck and my advice would be to take a coiple of opinions from the experts on the forum rather than sign up with the first company you speak to.
Cm x
Posted: Tue Jul 30, 2013 5:27 am
Welcome to the forum .... Foggy and Lesley both give good advice. Everyone is different and no two IVAs can be the same. Your disposable income will provide your IVA payment ... Some returns are ver low, whilst others can be 100% (mine was) ... You need to ensure your income and expenditure are set correctly in order for you to maintain payments.
Posted: Tue Jul 30, 2013 11:31 am
There is no maximum - the maximum in your case being the extent of your disposable income. I once had a client who was paying £17,000 per month into his IVA.
Posted: Tue Jul 30, 2013 5:48 pm
Hi Colin - welcome to the forum 
As you can see from the replies there is no max amount. You need to make sure whatever budget you agree on takes into account everything so that the disposable income left over (what your IVA payment will be based on) is a true reflection of what you can afford. I could have 3 differnt clients each with £30,000 of debt but all paying very diferent amounts into their IVA.
Have you started researching yet into IVAs or is this your first dip of the toe in the water?
As you can see from the replies there is no max amount. You need to make sure whatever budget you agree on takes into account everything so that the disposable income left over (what your IVA payment will be based on) is a true reflection of what you can afford. I could have 3 differnt clients each with £30,000 of debt but all paying very diferent amounts into their IVA.
Have you started researching yet into IVAs or is this your first dip of the toe in the water?