www.iva.co.uk

we owe 46,000 to 8 different creditors
hoping to get a iva soon were just trying to work out all our incomes and out goings ready for when we meet with our ip at the end of the month
our combined income is 2,000 pm
mortage is £693
car hp £123
household bills £350
so before food ect our outgoings is £1166
leaving us with about £800 pm for food clothing ect
so how much do you think our ip will suggest us to pay and how much money in the £ will we be paying our creditors
all help appriciated

Hi
Your IP does not suggest a figure,the amount you pay into your IVA is your disposible income and has to be agreed by your creditors.
On the figures that you give I would suggest that a disposible income of £350 would return approx 13k to your creditors a dividend of just under 30p.However once your HP payments end then these can be added to your IVA payments and will increase your dividend substantially and hence the chances of an acceptance.
How much is your outstanding mortgage and your current house value ??

Hi pn8

Your IP will need you to complete a detailed statement of your income and expenditure for him/her to consider at the forthcoming meeting.

I am suprised that they haven't sent you one to fill out in readiness for the meeting - and if it helps I have a sample on my webiste which you might like to use.

The calculation of what is to be offered in an IVA takes time to get right, so I am glad to see that you are seeking professional advice. Good luck with your application.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk