www.iva.co.uk

Hi all

Our debts are in the region of 62K and we have been on an informal arrangement, we are now preparing to go for an IVA. We feel that BR is not an option because of the implications long term. It will be a low repayment threshold. What are the experiences out there, it is I believe going to be around 15p in the £

Hi janderson and welcome to the forum

How much disposable income do you have to offer to creditors on a monthly basis? 15p in the £ is a fairly low offer to be making over a five year period, and if you have no assets which would be at risk from creditors have you considered whether bankruptcy proceedings are a better option?

Hi Melanie

Thanks for the response, Bankruptcy is out for us as I have a number of Compay Directoships and school governorships etc. These I will lose if I go BR, when you say disposable income do you mean our offer. We are working with payplan and they are saying I think £260 PM. I am not a expert but I believe this is what will be offered.

Do Payplan feel that this will be accepted, and do you feel that payments of £260 per month will be affordable, taking account of all contingencies?

It does seem a very low offer ... not much more than your creditors would get through Bankruptcy.

What do you propose to do if your IVA is not accepted, do you have a contigency plan? ... I think that you need to be prepared for bankruptcy if this is all you are able to offer.

Debbie

If there is a possibility of getting some more money - even in a years time - you might want to speak to melanie as you can propose a 1 payment IVA with a view to paying the lump sum in a certain timeframe.

Alternatively if you might get more from friends / family etc but in the future , why not enter VERY modest debt management plan for 12 months to enable you to get the funds together.

there are several ways to skin a cat ( perhaps I shouldn't say that with so many cat pictures on the forum!) that a chat with a skilled IP is really all it takes to get a plan together.

Hi

I was looking at the figures last night and doing somme calculations I believe the offer is around the 25p in th £ mark not 15 as I first thought. I believe this is more in line with what creditors want. As i said before BR is not an option for us as we will lose too much and all the other implications it has for us.

That is a much better offer, but don't be put off by hurdle rates. If an IVA is the right way forward for you, and the IP is prepared to act, then the decision is ultmately the creditors.

Hi janderson

Notwithstanding the affect on directorships, bankruptcy no longer precludes you from being a school governor. A BRO/ BRU however, would.

HTH

SASASA