Posted: Sat Mar 17, 2007 7:09 am
I am considering an IVA so have just started reading up on them. The repayment rate that I keep seeing is 40%. Is this a standard rate?
Man thanks
Man thanks
Hi Mike
When you say the standard rate seems to be 40% I assume you mean what you pay back. It can vary as iva's can pay back usually anything from 25p in the pound this tends to be the base acceptable rate but it depends totally on what you can afford when you have worked out income and expenditure as to what disposable income you have. The 40 % you see a lot of is the fact that some of the creditors have set a basic rate that they will accept mainly this is Northern Rock and I think HSBC although on occassions they accept lower.
I'm no expert but have been reading for a while. I am in an iva and all seems well at the moment.
Hope this helps
Ang