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?
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