Is 243 pound a month too high IVA payment? I earn 375 a week after deductions

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john353
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by john353 » Sun Apr 29, 2018 1:15 pm
I have a 7000 debt and have an iva been on it 3 years and it ends december 2020 it costs me 243 pound a month is that too high? I earn 375 a week after deductions
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kallis3
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by kallis3 » Sun Apr 29, 2018 1:18 pm
It will have been worked out on your income and outgoings and your ability to be able to afford the payments.
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Foggy
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by Foggy » Sun Apr 29, 2018 2:09 pm
As Kallis says -- you will have submitted figures for your income and expenditure -- anything left is the IVA payment. There are some here paying £100 and some paying over £1,000.

However at that rate the IVA should end earlier than the 5 year mark when you hit full debt repayment plus fees and statutory interest. On a debt of £7,000 I would expect payments to stop when you hit around the £12.5k mark.
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