question category: IVA

what should i afford on an iva
Submitted on: 13th Feb 2010 by Non-Member | Total Answers: 1

on an iva should i afford the following.
holidays,ciggarettes,a pint of beer at the end of the week,x mas pressies,birthday pressies,sky tv,decorating my home,new household appliances.
i read lots on getting an iva but not a lot on living with one,maaybe bankruptcy is the answer if i dont own my home .

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Re: what should i afford on an iva

This is something you would be given guidance with when speaking to a debt advisor. With an IVA your creditors have to vote on the payment being offered to them, if they agree to it they may also agree to writing off some of your debt.

As your creditors may be writing off some debt they will expect you to make sacrifices and cut backs to pay back as much as possible, the industry does work to average figures to ensure everyone is treated fairly.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 16th Apr 2010 by Justine Member

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