How Much?!

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Saltyfi

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Post by Saltyfi » Mon Jan 28, 2008 11:47 am
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Hi - Was just wondering what the avergage amount was that people owed when accepted for IVA? - Obviously this may be too personal to answer but was interested cos' I reckon we're pretty bad- Myself and my husband are on a joint IVA and owed £103,000 - How terrible is that?!!

[:I]
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carlmcmullen

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Post by carlmcmullen » Mon Jan 28, 2008 11:58 am
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Hi Saltyfi,

There is not real average and there are a lot of factors to consider, who your creditors are, do you have any equity in the property etc etc.....

Typically for a stand along IVA based on income contributions only and to achive the minimum dividend you are looking at payments of £500+ taking into account costs of the arrangment.

However this is not to say that is what you can propose. Your IP would do a full income and expenditure reveiw you would be expected to contribute you disposable income into the arrangment.

For expample if you had a joint household income of £2,000 and your essential household expenditure (utility bills, fuel costs, food etc) came to £1,300 then you would be expected to contribute £700 to the IVA.

Are you a property owner ?

Carl
Last edited by carlmcmullen on Mon Jan 28, 2008 12:00 pm, edited 1 time in total.
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wen

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Post by wen » Mon Jan 28, 2008 12:32 pm
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Do not worry Carl, I have seen figures higher than £103,000! (I have one business creditor that I owe more to!! [:(])
Last edited by wen on Mon Jan 28, 2008 12:33 pm, edited 1 time in total.
Please visit my blog http://adam.blogs.iva.co.uk/
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louisa.s

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Post by louisa.s » Mon Jan 28, 2008 1:50 pm
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We owed £48,000 approx and scraped our IVA acceptance!
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carlmcmullen

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Post by carlmcmullen » Mon Jan 28, 2008 1:52 pm
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Sorry read the post wrong !!!


The highest personal IVA i have seen was £234k and was all personal debts so if it makes you feel any better i dont think £103,000 is above average.

Carl
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Shining

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Post by Shining » Mon Jan 28, 2008 1:52 pm
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I owe £52k and rising with costs etc., as my IVA is not accepted yet, Friday 8th hopefully if accepted it will stop rising.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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MelanieGiles

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Post by MelanieGiles » Mon Jan 28, 2008 2:09 pm
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The national average of debts included in voluntary arrangements is, I understand, in excess of £40,000.
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Mon Jan 28, 2008 3:59 pm
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Hi
Figures released by KPMG in December

"This year, the average debtor entering an IVA owed £50,300, although more than 2,500 people are thought to have had debts exceeding £100,000.

The average proposed repayment was 38% of debts - £19,100 for the average debtor - KPMG said. As a result, £1.3bn was written off by creditors."

Regards
Andam Davies
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Saltyfi

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Post by Saltyfi » Mon Jan 28, 2008 4:06 pm
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oooh! We are pretty bad then - amazing what a 'little' stupid spending and a head in the sand attitude can achieve!
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