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So how do you work out your monthly payment with an IVA?

 

 

The actual IVA monthly payment is different for every IVA case because IVA monthly payments are based on the individual’s monthly disposable income. Disposable income is worked out as money left over after all reasonable living costs have been deducted. By working out a reasonable disposable income figure an IVA monthly payment should never be more than the individual can afford.

 

There is no point in entering into an IVA if the monthly payment is too high as all that will happen is the IVA will fail. After all, people enter into IVAs because they are struggling with debts so there is no point in entering into an IVA and then struggling.

 

 

How to calculate how an IVA monthly payment should be?

 

The whole idea of an IVA monthly payment is that is must be affordable. The IVA monthly payment should satisfy you, the client, the Insolvency Practitioner and the creditors.

 

To work out an IVA monthly payment first we need to work out disposable income. This is done by preparing a detailed budget plan. We will need the following information so that we can deduct income from expenditure:-

 

Income

 

Wages

Maintenance or Child Support

Income from lodgers / boarders

Income from dependants or “Keep”

Student loan income

Grant Income

Income from Job Seekers Allowance

Income Support

Working Tax Credits

Child Benefit

Incapacity Benefit

Statutory Sick Pay

Disability Living Allowance

Attendance Allowance

Carers Allowance

Housing Benefit / Local Housing Allowance

Council Tax Benefit

Statutory Maternity Allowance

Any other benefits or tax credits

Pension Income

Pension Credit

 

Expenditure

 

Rent

Ground rent / Service charge

Mortgage

Secured Loans

Mortgage endowment

Mortgage PPI

Building Insurance

Contents Insurance

Pension

Life Insurance

Council Tax / Rates

Gas

Electricity

Water

Fuel

TV Licence

Magistrates Court fines

Maintenance or Child Support

HP payments

Child Care costs

Adult Care costs

Home phone

Mobile phone

Public transport

Taxis

Vehicle Insurance

Road Tax

Fuel

MOT

Car Insurance

Breakdown service (AA RAC etc)

Food

Cleaning and Toiletries

Newspapers and Magazines

Cigarettes and Alcohol

Laundry and Dry Cleaning

Clothing and Shoes

Nappies and Baby items

Pet Food

Health costs (prescriptions or eye tests)

Repairs and House maintenance

Hairdressing

Internet

Cable or Satellite TV

Appliance Rentals

Pocket Money

School Trips

Lottery

Hobbies

Gifts

Pet bills or Insurance

Rent Arrears

 

 

 

Please call 0800 074 6918 and a member of the IVA team will work out an estimate of what your proposed IVA monthly payment will be. The IVA team at The UK Insolvency Helpline Debt Advice Service have over 10 years of experience and always offer quality support and best advice to ensure you receive most appropriate solutions to your debt problems.

 

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Money Advice Direct offers confidential and non-judgmental advice and will put you in touch with a licensed professional to arrange your debt solution. Please note that failure to adhere to a debt solution could result in further financial problems. Please note that whilst initial advice is free, fees may be payable depending on the solution provided. Please note that your home may be repossessed if you do not keep up with repayments on a mortgage or secured loan.

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