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How much will an IVA cost?
Posted: Mon Sep 10, 2018 6:43 pm
by Lyndon.jm
Hi.. I’m a single parent on part time hours and I have debts of about 20k. It’s starting to keep me up at night and effecting my health. If I enter a Iva will I be able to afford to live and support my children? How much a month will they take off me?
Re: How much will an IVA cost?
Posted: Mon Sep 10, 2018 7:10 pm
by Foggy
They take your income figure and allow you to keep fom that, allowances for essential living. What is left is your IVA payment. An IVA might not be the way to go and a chat with a friendly IP will determine that ... a DRO might work, if you have no assets and debts below £20k, along with disposable income of less than £50 per month.
https://www.citizensadvice.org.uk/debt- ... d-to-know/
Have a chat with a few providers to see who you gel with. Also read around the forum to see our own experiences with various firms.
Re: How much will an IVA cost?
Posted: Tue Sep 11, 2018 10:38 am
by Lisa Thomas
It's based on affordability.
Every IVA is unique so hard to say whether it would be suitable for you without a lot more information.
Given the level of debts you may find a DRO is suitable, or failing that Bankruptcy.