Hello and welcome. I don't know the exact answer to your question, but at one point it was considered that you would need a minimum of £150.00 disposal income to pay into an IVA once all your other monthly bills and living expenses were met. However, I think some companies now will accept less than that. Have a chat to a few of the companies posted on www.iva.com and take it from there. You will received free, honest, upfront advice without obligation.
It all depends on your disposable income and level of debt. As KAYKAY says, speak to a couple of companies and they will run through all of your options with you.
It depends on the firm that you choose to represent you, so do shop around if you have only a low disposable income. I gather that some firms may be considering reprsenting clients for IVAs where the disposable income is less than £100, so don't be put off if the firm you choose says an IVA won't work. It may be that it just won't work within that particular firm.
If you shop around enough, you may well find anyone prepared to do anything. The problem with IVAs based on very low monthly payments, however, is the increased risk of failure and all that flows from that. If your current affordable payment, for example, is below a £100, what are the chances that at some point over the next 5 years the rest of your expenditure ie your priority outgoings will increase by at least that and wipe out your ability to fund the IVA at all. There are situations where it can work, but please ask yourself the right and sometimes difficult questions first.
I can see and appreciate what you're saying Tiger Tiger but situations can get better not always worse. Maybe a payrise or a new position, a windfall or dare I say a lottery win could happen to any of us.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Lesley, I love your optimism and take on life but I have to say that I think it's maybe a bit more realistic to assume a rise in your priority ougoings rather than a lottery win !
I have to say that in the past I have shared TigerTiger's view, however results from the top two creditor agencies indicates that low contribution IVAs are having a far greater sustainability rate than those at the higher end. I guess when mortgage interest rates rise en masse this may be a different story.
