How man years you pay an iva of approx £17,000?

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carina
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by carina » Sat Jun 24, 2017 5:45 am
Please could you tell me how many years you pay an iva of approx. £17,000, with 1 bank which include credit card, loan & overdraft. Also how much would the monthly payments be?
Kind regards
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Foggy
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by Foggy » Sat Jun 24, 2017 7:09 am
A standard IVA lasts for 5 years ( 60 payments) this can be extendedto 6 years if you have equity in your home. the repayment depends on your disposble income. You need to speak to a few firms to discuss your full circumstances and whether an IVA is the right solution for you.
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Lisa Thomas
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by Lisa Thomas » Tue Jun 27, 2017 9:38 am
Standard IVA protocol terms are for 5-6 years.

Non protocol IVA terms are more flexible and can often match the payments in Bankruptcy - which are for 3 years.

Ultimately the creditors vote on accepting the terms so it depends on how much you can afford, how much of a dividend this works out to be and whether creditors find that more attractive then Bankruptcy.
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kallis3
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by kallis3 » Tue Jun 27, 2017 9:45 am
Hi,

Do you have any assets such as a house and how much disposable income do you have a month? A DRO might be an option.
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