www.iva.co.uk

Hi everyone,
I've finally got confirmation for my new Nat West account today, after 4 weeks of waiting!! So feeling a bit better now.
Couple of questions.....
My total debt is 36000, my IP is working on my monthly payment being 300, how much of this will actually go to my creditors, as i've seen posts on here that say they have been paying for 2 years and that was all IP fees??
How do you work out what the "how many pence in a pound" i will be repaying?

Many thanks

Good news about the account Emma.

As to the rest, your IP will tell you what pence per pound you will be paying over the course of the IVA.

The first year will be consumed by IP fees, but after that you will pay the creditors. They are fully aware of this and obviously know how an IVA works. Rest assured that your IP will be putting forward your best offer and you will be paying back your creditors as much as you can.

Your dividend profile will be entirely dictated by the terms of your IVA and creditor modifications. These days, under IVA protocal and simply creditor requirements, it is more likely that your creditors will receive a dividend as soon as the Nominee's fee has been paid, which may well be during the first year.