www.iva.co.uk

So we have debt of £62k the ip has worked out we can pay £168 back per month.... Is this enough do you think to be accepted? We own a house with mortgage they seem to think we have £17k equity in it however I feel much less. Been advised that iva is best option but I'm so so worried as this seems like a very small amount to pay back

You pay back whatever your disposable income is --- in most cases, even with small payments, it would be more than the creditors would get in bankruptcy, so is still a viable option for them to accept. Don't forget that they are also taking a punt on the possibility that they might, yet, get more, if you add in shares of overtime and bonus payments over the term -- or you might win the lottery / inherit great aunt Matilda's Picasso !

Creditors often sell on toxic debt to collection agencies for far less too.

I have seen lower payments accepted. Don't worry about equity at the moment.

Thanks for your reply. I feel sick everyday about this and haven't slept longer than 2 hours in the last 2 weeks. Just waiting for paper work from the ip and then it starts officially. Is it 16 working days or just 16 days? Hoping to have it all felt with by end of the month

It does vary from IP to IP but once they get your signed paperwork you will hopefully get a date before the end of the month.

The most important part of an IVA is the affordability so while it may not seem a lot in relation to the size of the debt it should be accepted. The sixteen days notice is from when the IP gets the signed proposal back so good luck with the meeting of creditors.

Thank you, hoping to get the form today to sign and return so hopefully 16days will start from tomorrow