I have been advised by my IP that on debts of over £30,000 they suggest that I should offer pay £130.00 per month (which is what I can afford). Has anyone else been able to pay this figure on such a high debt. I am sure my IP (payplan) knows the score but I dont want my Iva to fail!
If that is what they have advised they must be confident of success. I personally think that low contributions based IVAs have a much higher chance of failure, due to sensitivity within household budgeting, but I know other IPs who swear by them - and therefore must see successes as well as failures.
Melanie statistics prove differently - most lower contribution IVA's have more chance of success.
In any event it is not the amout of the contribution that is the measure - it is based on affordability, achievability and whether it is in the best interest of the debtor.
Who is your IP Sherry?
Last edited by David Mond on Tue May 12, 2009 5:29 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi
is that true David ?
Surely lower contribution IVAs have little or no room for any reduction if costs increase or wages decrease ?, making them vulnerable for failure
Regards
David - please provide me with details of the statistics you are referring to. This is not what the major creditor voting agencies are telling me, so I would be very keen to explore those numbers.
