PHILIP A BECK
Chartered Accountant
Licensed Insolvency Practitioner

41 Kingston Street, Cambridge CB1 2NU
Tel: 0800 1953605 (Free call) or 01223 367022
Fax: 0844 5048737
email: pbeck@ntlworld.com

IVA

IVA - How much will I be paying each month ?

The creditors will expect you to pay as much as you can afford to pay, while still allowing for your reasonable domestic expenses.  They don't want every last penny, they want the arrangement to work just as much as you do.

You will need to prepare an income and expenditure budget showing how much income your household will receive altogether and how much it will need for domestic expenditure (ignoring any current payments to creditors).  I send potential new clients a budget spreadsheet allowing them to enter and alter figures to see easily what is left over each month.  For those who do not have Microsoft Excel, you can open a free account at Google Docs , which has a free online spreadsheet program to assist you.

You can download the budget spreadsheet Here in Microsoft Excel format , or Here in Microsoft Works format .  Simply slot the numbers for your various categories of income and expenditure into the spreadsheet and it will automatically work out how much is left over after domestic expenses each month.

If you live together with a partner as a household, creditors will expect to see the budget showing the household income as a whole, not just your proportion thereof.  On the income side, don't forget to include child benefit and tax credits if you have children.  On the expenditure side, creditors will generally allow around 175 per month per adult and 100 per month per child on household shopping.

Philip Beck is a Chartered Accountant and Licensed Insolvency Practitioner operating since 1996 with substantial experience in undertaking IVAs.

No approval, no fee IVA, click here for details.  Pay nothing until creditors approve your IVA proposal.

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IVA Questions and answers.

I have serious debt problems. What are the options ?

How do I know whether an Individual Voluntary Arrangement (IVA) is the best answer to my problems ?

How do I work out how much I can afford to pay per month ?

OK I'm considering an IVA . How does it work ?

Do I have to attend meetings, or can this all be done by correspondence ?

What do creditors expect from it and how likely is it they'll accept it ?

Are all of them forced to accept the majority decision ? I've got one hell bent on making me bankrupt.

What happens if they don't like the deal ?

If the IVA is rejected, do I owe you anything ?

I've buried my head in the sand, now I've got a bankruptcy petition hearing next week. Is there something that can be done at this late stage ?

Will it really write off all of my debts ?

Will I live in poverty for the duration of the IVA ?

What if I win the lottery or get a big pay rise ?

Will it appear in the newspapers ? Will people know about it ? Will I ever be able to get credit again ?

Is an IVA more expensive than just going bankrupt ?

What will happen to my house, furniture, car and domestic effects ?

I run a business. What will happen to my business ?

I'm a professionally qualified person. Will I lose my livelihood ?

My partner has no debts, and I'm living with him/her. Will he/she have to contribute to the IVA ?

My partner and I have joint debts. Can we lump them all together in the same IVA ?

How do you get paid ? What does this all cost ?

There are plenty of Insolvency Practitioners or debt advice companies around. Why should I instruct you ?

What happens if I'm unable to keep up with the payments ?

What happens at the end of the arrangement ?

What other web sites do you suggest I look at for bankruptcy/IVA advice ?

Please note that this site deals only with personal insolvency law in England, Wales and Northern Ireland. By law, only a Licensed Insolvency Practitioner can undertake an IVA for you. If you need an Insolvency Practitioner in Scotland, visit The Institute of Chartered Accountants of Scotland.   Interested in members voluntary liquidation ?

Copyright © Philip Beck Insolvency Practitioner, Cambridge UK, 2005. Bankruptcy and individual voluntary arrangements explained. Free IVA Advice. How to avoid bankruptcy with an Individual Voluntary Arrangement. Debt, debt advice, debt management, debt consolidation.