what amount of excess money do you need ?

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sd3

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Post by sd3 » Sun Oct 12, 2008 9:16 pm
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I have £50,000 worth of debt, I am with payplan at the moment and paying £117 per month,we are just doing our financial review and some excess (not that there is such a thing) money and wondered what amount of excess money do you need out of a total wage of £2198 to enter into an iva?

thank you
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MelanieGiles

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Post by MelanieGiles » Sun Oct 12, 2008 9:23 pm
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Hi there and welcome to the forum

The proposal of an IVA will be based upon the level of disposable income you actually have, so you will need to look at your income and expenditure to see what is available. Payplan ought to be able to help with this, as they also have an IVA division.
Regards, Melanie Giles, Insolvency Practitioner
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David Mond

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Post by David Mond » Mon Oct 13, 2008 7:22 am
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The usual minimum monthly payment for an IVA is around £150, although this is not set in stone. Ask Payplan as Melanie suggests to give you chapter and verse. It all depends on a realistic DI.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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sd3

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Post by sd3 » Mon Oct 13, 2008 7:33 am
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Thanks very much for your help, i have been sweeping this mess under the carpet and i need to get it sorted out

thanks again
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