feel iva repayment is high would like advice

[lana]

we have aplied for iva debt 63000 been offered iva repayment 671.00 month feel this is high would like advice

[rachellxx39]

Hi Welcome, Im sure an expert will answer shortly but we had debts of £60k and are paying back £408 per mth. It all depends on your income and expenditure and what disposable income you have left to offer your creditors.

[MelanieGiles]

Absolutely - it depends on what you earn and what you spend, and if you feel that £671 per month is high, then it is probably unaffordable. How did the IP who is advising you come up with this figure, and how much do you feel that you could afford to pay?

[emma_t]

Hi lana

An iva is an 'individual' voluntary arrangement, so the amount paid back should be an affordable amount and as much as you can affford, payments obviously vary from person to person.
It includes all unseccured debts, and the payment will be based on the amount of disposable income you have left after paying all secured credit (ie mortgage, secured loans) and bills.
Have you completed an income and expenditure form as this is essential in working out your left over amount.

I am not an expert but am in an iva myself and would stress the importance of having a realistic i&e as it is for 60 months and needs to be affordable or will almost certainly fail over time.

Why not have a look on www.iva.com at some reviews of iva providers and contact another one for advice on your specific situation. I took advice from 2 companies before deciding on my iva as felt it was so important to have confidence in the company you are dealing with as it is a long time and needs to be correct from the start.

Sorry if I am rambling but it is late (or is that early[:0]) and I am tired but can't sleep.

This forum is also a great place for getting professional advice and also support and advice from people in the same position.

It may help to post more information on your situation;
ie are you a homeowner?
what is your disposable income?

Good luck
Emma x

[emma_t]

Sorry Melanie - you type faster than me and get to the point a bit quicker!!!!

[MelanieGiles]

But you provide the details from someone who has actually experienced the issues Emma, and that advice is far more valuable than mine. Without posters with your background knowledge, this would be a very dull forum!

[size5]

I agree with Emma, always get more than 1 opinion and www.iva.com is a good place to get feedback from real people. I have checked it myself in the last couple of days and some firms seem to be consistently excellent, others seem to get either good reviews or rubbish ones with very little in between.
If you feel a payment is too high then by all means query it, but do bear in mind that as creditors want as much money back as is reasonable, what you consider to be an essential living cost may be viewed by creditors as excessive, therefore you may be asked to tighten your belt a little.

Good luck.