i am currently in the process of setting up an iva

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Post by muttsnuts35 » Sat Sep 18, 2010 12:31 am
i am currently in the process of setting up an iva and agreed a figure of £200 per month the iva has now been filed with the court and the practioner is now telling me that i have to pay £220 per month and increases again as the arrangement goes on is this normal as i was originally told i would pay £200 a month for 5 years i thought i decided what i could afford not the iva company


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Post by MelanieGiles » Sat Sep 18, 2010 1:05 am
Hi there and welcome to the forum

Why are they telling you that the payments have to increase? Has the creditors meeting taken place, and are these creditor modifications?
Regards, Melanie Giles, Insolvency Practitioner


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Post by Shining » Sat Sep 18, 2010 6:48 am
Hi and welcome to the forum. If the creditors meeting hasn't taken place yet, why not get a 2nd or even 3rd opinion?

There is a lot to take in with an IVA I do agree but it's mainly about disposable income being made available to your creditors xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.

Adam Davies

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Post by Adam Davies » Sat Sep 18, 2010 12:32 pm
Sounds like your proposal is stating that you have 220 pounds disposable income each month. Have you seen the proposal and the breakdown of your income and expenditure ?
Andam Davies


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Post by kallis3 » Sat Sep 18, 2010 1:18 pm
It is down to your creditors to decide what you pay once they have looked at your income and expenditure.

I do agree with Lesley though that if you are not happy, speak to some more companies.
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.
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