How much will I pay each month as repayments?

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How Much Will I Pay Each Month As Repayments?

The amount you will be paying each month on an IVA will be assessed on however much you can afford to pay monthly; this figure must be at least £200 a month. The amount will be based on what you need to live on compared to what you receive. Costs such as your domestic expenses and your monthly household bills e.g. water, gas, electricity, fuel, food, clothing etc, will be earmarked as basic costs, your creditors will then look at your income minus the basic costs and then come to an agreement of what you can afford., They will not ask you to you to give them all of the remainder, as they will want the agreement to work. You will have to present the creditors with a monthly income and expenditure budget, which will state your monthly household income which will be generated from work, investments etc, and your monthly outgoings as stated above. This will be reviewed regularly throughout the term of your IVA by your insolvency practitioner, this is done annually. The amount you pay monthly is fixed yearly but will change according to your circumstances, say for example you have now found a new job which pays more, or you have switched to a profession which pays you less than you were earning previously, when your case is reviewed each year. This will be done by your insolvency practitioner.

IVA Mortgages Frequently Asked Questions

What occurs to my assets in an IVA?	Who can start an IVA?
The pros and cons of an IVA?	How does an IVA Work?
How much will I pay a month ?	What happens at the end of the IVA?
Having problems during the IVA?	Is an IVA better than declaring bankruptcy?
I have debts,what options do I have?	What if I can not pay my repayment ?

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"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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