Hi I am new to this and looking to do an IVA

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Post by Richard.gs » Mon Jul 26, 2010 8:42 pm
Hi I am new to this and looking to do an IVA with my Wife. We roughlt owe £50k and it appears that we are being recommended to pay circa £400 per month (which is ALL of our disposable income) This is through Payplan.

I have also given them our income vs expenditure which he has re-ditributed across the various sections, however i now feel confussed as to what money is where.

Can anyone help / advise us if a) this is normal, b) this is expensive and c) if there is anything I need to be aware of?

Many thanks



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Post by Shining » Mon Jul 26, 2010 8:48 pm
Hi Richard and firstly welcome to the forum.

We have a few posters with Payplan and I'm sure they'll be along later to reassure you that you're in good hands. Did you take advice from 2 or 3 professionals prior to making that decision?

I think an income and expenditure is personal and can sometimes be tweaked about a bit so it is normal, payments are based on disposable income after your outgoings are catered for.

Things to be aware of, well so long as you know what you're entering into and are confident it's the way forward for you then an IVA is a great debt solution.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by MelanieGiles » Tue Jul 27, 2010 1:35 am
I think that the income and expenditure statement should be as closely based on your actual expenditure as possible. If you are confused now - can you imagine how difficult it might be living to and sticking to that budget?
Regards, Melanie Giles, Insolvency Practitioner

Tina Shortland

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Post by Tina Shortland » Tue Jul 27, 2010 10:13 am
Hi Richard - welcome to the forum,

Your expense budget, I believe, is the single most important thing in an IVA as it is where your payment is derived from. If it is not set properly then you could find yourself short at the end of a long month becuase certin allowances have not been provisioned for.

As Lesley mentions, it may be worth speaking with a couple more companies just to compare and to make absolutely sure you are happy moving forward. Companies work differently, allocate allowances differently (although they should all be the same)and have differing success rates on IVA acceptances.

A client should never be left feeling confused about anything when looking at their options - that is why my initial chats with clients can sometimes end up being well over an hour once all questions have been answered and options explained.

Let us know if any of us can help you further,

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
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