what is the absolute minimum monthly payment

[vanessa]

with debts of approx 47000. what is the absolute minimum monthly payment that would work in an IVA (based over 15 creditors)

[MelanieGiles]

Hi Vanessa and welcome to the forum

To meet the minimum dividend generally required by most creditors of 25p in the £, you would need to make payments in the region of £320 per month. if you have any debts with HSBC, then you might need to pay more as they have a higher minimum dividend rate.

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

[Oliver]

As Mel says it would all depend on the creditors you owe money to as there are a number who require a higher minimum than the majority which will except a return of 25p in the pound. The minimum payment would thus be likely to be around c£300 per month.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Melanie and Thomas Charles are correct, however could you supply who your creditors are? and what your disposable income is?

Disposable income is calculated when you subtract your monthly general living expenses (not including monthly payments) from you income. The left over amount is what you can pay your creditors per month.

Best Regards. IVA Experts

[Adam Davies]

Hi
There have been cases on here of dividends below 20p but this is the exception and not the norm.
Make sure that your disposible income is exactly that "disposible" and that you do not try and fit your disposible income in order to meet the "minimum" criterea as its a sure recipe for failure.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Cybus]

At the risk of being controversial, I would say to the opening poster that no one should ever be suggesting to them that there is a minimum level of monthly repayment that can be made in an IVA.
You should be making your best offer based upon your circumstances.