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How Much Will the Monthly Payments Be?
Well they should be set at a level which is as much
as you can sensibly afford. This is calculated by adding up all forms of
your income and what you need every month for rent or mortgage, insurances,
food, travel, heat, light, children, etc; then what is left should be paid
to the creditors.
Of course you deduct all
payments to credit card companies, loans and creditors, (but not CSA,
fines, Government Student loans etc).
Debtless advisors will help work that out with you.
Bear in mind that some people have quiet a lot
of equity in their homes, if you live with someone they’re entitled
(generally) to half that net equity. If you have equity above say £5-10,000
the IVA creditors may ask you to pay that in to the scheme over 5 years,
as well as the monthly payments.
Call us now on 0800 195 6762
and we can talk you through the IVA process.
If you just want more information first please
read here for short
and detailed guides
to the IVA mechanism. THEN CALL US!
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