I am in over £70k of debt accumulated from various means including a failed business.
I am looking yo find the best solution. Having spoke to Payplan they have recommended an IVA as I have a rental property which I am trying to protect. There is currently about £35k equity which is jointly owned between my ex and I. Payplan have worked through with me and I can afford to pay back £350 per month meaning that my creditors will receive about 30% which is not a bad offer in retrospect. My main questions are how much are you monitored during an IVA? How often does the IVA person bother you? Do you have to provide bank statements once set up? I can cope with the idea of a regular monthly payment but I am just worried about how much my life will be surveillanced. I have had one person tell me that they ended up paying back more than £800 per month and more than they need to begin with. Her IVA Ip rang her up and asked about how her birthday was and she said that her mother had gave her £50 and the Ip said she would add that to her income for that month which to me seems a bit extreme but I just want to understand once the process is in place, how does the contact work etc?
You will have to provide bank statements and payslips if applicable plus your P60. You will have an annual review but your IP should';t bother you unless there is a problem.
Speak to one of the smaller firms before making your mind up.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You will have an annual review and the payment will increase by half of any permanent pay rise. During the year you will have to account for any overtime of bonus payments and the IP might want payslips. You have to pay around half of this extra income in addition to the normal monthly payment, each month it is earned. Windfalls --- lottery wins, gifts and the like, assuming you have the usual clauses: Under £500 it is yours (your friends IP was wrong!), over £500 it all goes into the IVA. PPI refunds and similar belong to the IVA. Restrictions will be placed on property so they cannot be sold.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk