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Hi there, I'm thinking of entering into an IVA, I'm at the lowest limit in regards to offering monthly contributions, I think it worked out at 26p in the £. What happens if for example I underestimated by monthly outgoings eg gas or electric? what happens if my car tax or insurance premiums increase? if I went for an amendment this would probably take me under the 25p in the £ threshold wouldn't it? And how likely are creditors to accept a lower monthly amount? Also I am due a payrise that would equate to around £40 per month, would I be expected to pay all of this into the IVA or could I keep some of it? Many thanks

Hi Steph

Before you sign up to an IVA proposal, you must be sure that you have fully provided for all known and contingent expenditure. There is no point going in to it, for it to fall over in its early months. With regard to your payrise, this should be included in your income calculation, but may leave you with a little more leeway for contingent expenditure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk