IVA Expenditure Allowances and Options

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MrsR

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Post by MrsR » Mon May 11, 2020 9:22 am
Good morning all,

Long time no speak!

My mum is thinking of entering an IVA and before we go this far, I would like her to see the allowable expenditure set by the IVA co's (as an average)

Does anyone have a copy that they can link onto the forum at all please?

She's not sure whether she will be able to do monthly or offer a F&F. For the F&F, what could be deemed an acceptable offer on debts totalling £99k, with a surplus of £1700pm after household bills?. (no equity in her property as on interest only mortgage)

Also, who are the recommended IVA co's? I concluded mine with Creditfix, but not sure if their is others out there now which could be better for my mum.

Thank you !!
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!

Foggy

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Post by Foggy » Mon May 11, 2020 11:53 am
The providers are very cagey about publishing the guideline figures as debtors are supposed to list what they actually spend. The last I saw was from 2015 --- I will try to find a link.

Interest only mortgages do not always mean no equity -- so look into that one carefully.

Personally I would avoid Creditfix (although many clients are happy with them ), they have too much against them for my liking --- I would shy away from all of the 'IVA factories' and go for smaller firms that treat you as an individual.
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

Foggy

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Post by Foggy » Mon May 11, 2020 12:08 pm
This article will give you a picture of amounts allowable https://www.mccambridgeduffy.co.uk/arti ... uidelines/
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

MrsR

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Location: United Kingdom

Post by MrsR » Mon May 11, 2020 12:45 pm
Thank you for your replies Foggy.

I have today checked with mums mortgage company (Helidor) and she has no equity at all.

Who are the smaller companies that are well established/experienced? Does anyone have recommendations.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!

Dora06

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Joined: Sun Feb 10, 2019 9:39 pm

Post by Dora06 » Mon May 11, 2020 8:04 pm
I am with McCambridge Duffy for mine, cant fault them so far... seem to allow good reasonable amounts for spending and whenever I have a question they will email me back straight away or if I ring I'm always put through to someone who can help. After reading how some people are constantly chasing their IP's for answers im so glad I choose mcDuffy's. :D

MrsR

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Location: United Kingdom

Post by MrsR » Mon May 11, 2020 9:22 pm
Thank you for the recommendation Dora06.

They have been around for many years, from what I remember, so will get her to speak with them tomorrow.

Thanks again
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!

Dora06

Posts: 33
Joined: Sun Feb 10, 2019 9:39 pm

Post by Dora06 » Tue May 12, 2020 8:20 pm
I hope she gets sorted!
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