when will I know what my monthly payment will be

[bcc]

WHEN WILL I KNOW WHAT MY MONTHLY PAYMENT WILL BE?

[MelanieGiles]

Hi bcc

I assume that this will be discussed between you and your IP. You ought to be setting the monthly payment, based upon your income and expenditure. Beware anyone who tells you what you must pay - as the reality is it will probably be higher than you can afford putting the IVA into jeopardy from the beginning.

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

[Adam Davies]

Hi
This is exactly what can be so wrong with some IVA providers.IT IS YOU that agrees the monthly amount to be paid into your IVA.Agreeing to an unrealitic figure is a sure way to fail an IVA after a short time. Your IVA provider should advise against an IVA if your disposible income is not enough to make it viable.
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

[finebridge]

Hi bcc,

Have you contacted an IP already? Maybe have a chat to an advisor from the forum and talk to them about your income & expenditure and what you believe you can pay into an IVA.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[bcc]

Help, This is all new to me and don't know where to start first.

Who do I contact and what information should I give?

[aguise]

Hi Bcc I would start by looking on the forum. Melanies website is above send a query and have a chat and go from there. I think there is a form to fill out and that will ask what they want, yes there is I had a look ,it says enquiry. Go from there. Only if you want though just a suggestion. Melanie is a great help to a lot of people on the forum and is well respected.

Ang

[Adrian Ratcliffe]

Hi bcc,
Give as much info as you can.
Everyone on here is very helpful.

Regards
Adrian

[keh]

Hi bcc and welcome,

When i and my ex partner first phoned our IP about my debts he said to prepare a income/expenditure and a list of creditors.

The following week when we met, he went through it all and said we could manage to pay £550 a month.

We all agreed this and within a week we had the forms through to sign and within 2 months the creditors voted in favour.

So before you contact anyone pls do a income/expenditure and a list of ALL creditors no matter how small the amount.

This will make things go a lot smoother and quicker also give you an idea on how much you will be paying into the IVA.

Keith

The long and winding road will straighten out eventually....keep the faith

[MelanieGiles]

Great practical advice by Keith. If you already have a feel for how much you can afford, you will be able to counter any suggestion for higher payments if the advisor you choose to represent you tries to persuade you to accept.

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

[bcc]

Thanks all for your responses. Great to know there's other people in the same situation as me.
What's the best way to choose the IP?

Any recommendations?

[bcc]

As all the debts are mine what happens if my husband has a caravan on HP? Is that taken in to account with the monthly payments?
Do we have to get rid of it?

[MelanieGiles]

Your husband ought to be able to keep his caravab, as what he does with his money is generally his business. But the payments must come out of his remaining disposable income with no contribution from yourself.

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