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What sort of amount would people suggest I propose with a debt of approx £32,000... it seems to be going up each month

Doing a normal IVA I would have disposable income of around £550 I think although don't quote me on that!

Hi Simon

If you have disposable income of around £550 per month, then you could afford to pay your debts in full over a five year period - obviously subject to ongoing interest charges. So I am not sure that an IVA is an option for you in any case. Why not ask your grandmother for some money when her house is sold to reduce your debts, and continue to pay the remainder over terms which you find comfortable.

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

Hello Simon,
If this helps i have been in an IVA for 3 years and my IP has stated that i should offer £11000 in F&F settelement of £32000 left to pay.

I can just see in the far distance the light at the end of the tunnel hurray!!!!

Simon

If you have disposable income of £550 per month, then a £14k settlement is unlikely to be acceptable to creditors - as they will compare your offer to the money you could pay into the IVA on a monthly basis over a five year period - in your case £33,000!

I appreciate that you do not want to enter a lengthy repayment plan, and wonder how long the loans and debts you originally incurred were taken over - perhaps at least five years? I think that you need to put the things you want to achieve into order of priority - just to see where repaying your creditors actually fits.

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

Simon

There is nothing stopping you getting a mortgage at any time, so long as you have at least a 10% deposit to put down. With an adverse credit rating you can expect to pay a higher APR than high street, but your credit rating will eventually repair bring back lower interest rates for you in time.

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