www.iva.co.uk

THANKS TO THE PEOPLE WHO REPLIED TO MY FIRST POSTING IT EASED MY MIND SLIGHTLY.
I HAVE SENT MY APPLICATION RE: IVA TO THE IP. I AM STILL WORRYING ABOUT NOT MEETING WITH IVA CRITERIA. I HAVE BEEN GIVEN SO MUCH CONFLICTING INFORMATION.
WE HAVE JOINT DEBTS OF £16,000. JOINT DISPOSIBLE INCOME OF £204.
SOME INFO IS THAT DEBTS HAVE TO BE OVER £20000/ £18000 ? DISPOSIBLE INCOME HAS TO BE APROX £ 300 PER MONTH?
IS THERE A SET CRITERIA OR IS IT DEPENDANT ON WHAT CREDITORS WILL AGREE TO ACCEPT? IF INDEED THEY WILL ACCEPT REDUCED PATYMENTS?

Sure others will comment, but there is strictly no minimum debt level, however if your debts are less than £15,000 and a disposable income less than £200 it may well be that another alternative solution would be better (a DMP or Bankruptcy)

Some IP firms set there own criteria which is why you probaly see minimum £20,000 / £18,000.

You say that you have sent the forms to your IP so you must meet there criteria otherwise they would not have advised you an IVA.

I did not see your last post, so apoligies if you are repeating yourself, but have all other options been discussed with first (DMP and Bankruptcy) what has drawn you to the conclusion an IVA is the suitable option to deal your debts ?

Hiya ru.1, I'm not an expert and one will be along soon to help you.
As far as what I pick up on the forum, IVA payments are individual and subject to your circumstances. I've heard of modifications in proposals so I assume it's negotiable to an extent.
xx

Hello ru.1

You may find that because the debts are joint, and the level of debt is 16k and the disposable income 204 then some IP's would suggest other options because you are right on the absolute edge. The danger you have in chosing the wrong firm is that someone might try to squeeze your expenditure to create more money available to make it stand a better chance of acceptance. However this is not a good move because if your expenditure doesn't really rpresent your situation you are simple setting yourself up for failure in the future.

Strongest suggestion is to speak to an IP on the forum, but on the face of it would have thought that the other options of DMP or Br are a more likley solution.

Hi
£16000 divided by £204 per month = 78 months,you could repay your debts in full if you could get creditors to freeze interest.You really should consider a DMP in the first instance.This will return more to our creditors than an IVA and will be more flexible for you
Regards

I agree that in today's creditor voting climate, that a DMP is possibly a better option for this poster, but if the IP is not charging anything up front for fees then there is no harm in trying. After all, this type of IVA will be common once SIVAs are here!