I am currently in an IVa but struggling, how can I work out how much my payments in BR will be every month? I'm also leasing a car whis is necessary for work, will this be affected?
Firstly have you spoken to your IVA company about your current circumstances as they may be able to negotiate the payments or try and offer some sort of payment holiday so to speak for a little while.
The payments you will make in BR will very much depend on your I&E and also what you have left after paying your essential living costs. This is down to the OR/Examiner to determine if you have to pay an IPA and if you do anything over £100 per month left over will be taken from that starting at 50% to a max of 70% to pay towards your creditors. Skippy on here has a list on her blog of what you may end up paying if you have certain amounts left over.
I cant give you an exact figure as the I&E in BR is worked out differntly and so the figures allowed wont be the same as what your I&E is for the IVA you will be allowed more to live on in most cases.
The car is dependent on the OR and of course the HP company. It is down to them altough it has not been unheard of for a BR to keep a car on HP as long as its not too expensive and within allowances agreed by the OR. Of course for them to consider it you must show without a doubt that you need this car. They can ask you to sell it and get something cheaper but thats down to the OR at the time. Also the HP company will have to agree with that also. Hope this helps, if you want a one to one chat about your current circumstances then do give us a call, the number is 0800 078 9367.
Jo
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For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
I am currently in an IVa but struggling
Posted - 27 October 2008 : 19:59:32
