www.iva.co.uk

Hi All

I am curious to know your thoughts on the amount of money taken from succesful IVA holders when it comes to pay rises, winfalls and any other extra so called increses. We are told IVAs will write off up to 75% of your debt, I wonder if this is the case as the system seems to take every opportunity to take more and more of what we have. Please do not adopt a lecture to me on "we took out the credit ets, blah blah".

Should we be not fighting these creditors more aggresively as after all they are getting waht we can afford to pay aren`t they.


Regards


John

John

An iva will write off the money that you can NOT afford to pay back. If you have justification for your creditors to accept writing of the 75%, in some cases even more, then they will do so because they don't have an alternative. I understand what you mean regarding the adverts offering to write of 75% of debts. This is only down to creditors having a minimum return of 25% to consider accepting an IVA although recently this has changed for the majority of them. In a nutshell an IVA is intended to give th best return, not just what you are willing to offer.

I think the issue should be that companies should not be allowed to advertise that they can write off 75% of your debts.
IVA's arent meant to be easy,but they are meant to be affordable,so if you feel too much of any pay rise etc has been taken into IVA then discuss with your ip.

I agree. The difficulty is that some of the IVA companies rely on getting the custom by promoting that they can write off debt. Some even say all (of waht you cant afford). I suppose if they say do an IVA with us to give them all you can this probably wouldnt work lol