Does £180 per month over 6 years sound right for an IVA

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june
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by june » Sun Aug 06, 2017 5:17 am
Does £180 per month over 6 years sound right for an IVA. I have never been one penny in debt until this month and I am 62 now so it is all new to me! I got in touch with Swift and this is what I was quoted.
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kallis3
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by kallis3 » Sun Aug 06, 2017 7:14 am
You will pay across what you can afford - it all depends on your circumstances and income and expenditure.

How come you are suddenly in debt? Speak to a few more companies before making a decision as to the best one for you.

If you own your own house you could also consider equity release which could pay off your debts.
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Foggy
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by Foggy » Sun Aug 06, 2017 7:45 am
£180 sounds OK --- but ---- be very wary of figures glibbly quoted at the start. Until they have gone into great detail with income and expenditure they cannot quote accurate figures.

And ... why over 6 years ? An IVA is normally 5. Or have they added the extra year from the start to exclude having to release equity or extend at the end ?
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Michael Peoples
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by Michael Peoples » Mon Aug 07, 2017 7:47 am
It is always worth getting a second opinion directly from an insolvency firm. Some companies are only introducers so make sure you are dealing with an actual insolvency company and ask to speak with the IP. If you cannot do this now it does not bode well for the next five [or even six] years.
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Lisa Thomas
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by Lisa Thomas » Tue Aug 08, 2017 11:39 am
I agree with the others - it's based on what you can afford.

Do you own any assets? How much are your creditors?
Kranz
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by Kranz » Wed Aug 09, 2017 7:51 am
That sounds about right as that's what I'm paying.
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