Hello- I have contacted an IVA company and have gone over income/outgoings etc and looking to pay over a third of the total debt over the 5 years with hopefully the outcome of another 12 monthly payments at the end of it so slightly more overall.
Is this going to be enough and how much is normally paid back? I want to pay as much as I can back but the IVA company said they had upped some of my outgoings due to my circumstances and in some areas my calculations were to low and needed to change them to ensure I wouldn't be struggling. Do the creditors take personal situations in to consideration when deciding? Thanks everyone
Creditors might tweak a few expense allowances, but the IP is correct in allowing some wriggle room, for this and for the fact that the arrangement has to last 5 or 6 years and things change.
About a third is a healthy dividend and I have seen many lower ones accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
Hi Billy
My original dividend was about a third, but after PPI, pay rises etc, I ended up paying much more. Five/ six years is a long time. The company are being very sensible so you can live without struggling too much and ultimately failing. Good luck!
fingers crossed x
Good luck!