IVA How much will I have to pay
Creditors expect you to pay as much as you can reasonably afford; they want the arrangement to succeed, so they need to be reasonable otherwise the arrangement will be guaranteed to fail.
A monthly income and expenditure account will have to be prepared showing how much income the household receives, including other income like child benefit, tax credits, pensions, etc. and all your normal household expenditure listed.
The income and expenditure will look something like this:-
| Income |
£
|
£
|
| Your take home pay (inc. overtime) |
1,400
|
|
| Your partner's take home pay |
850
|
|
| Other income (Benefits, pension, maintenance etc) |
50
|
|
| Total household income |
2,300
|
|
| Expenditure | ||
| Mortgage/rent |
500
|
|
| Mortgage endowment |
80
|
|
| Council tax |
80
|
|
| Water/Gas/Oil/Electricity/Phone/mobile |
100
|
|
| Food and other household |
300
|
|
| Car expenses |
100
|
|
| Car finance |
100
|
|
| Public transport |
20
|
|
| Clothing |
100
|
|
| Smoking |
100
|
|
| Maintenance/CSA payments |
100
|
|
| TV Licence/rental |
20
|
|
| Insurances (Home, life, health) |
40
|
|
| Pension contributions |
40
|
|
| Other |
-
|
-
|
| Gifts, Christmas, contingency |
50
|
|
| Total household expenditure |
1,730
|
|
| Net surplus of income over expenditure |
570
|
The above is only an example and your figures will have to be supported by 6 month's payslips and 6 month's household bills.
For further information contact MFA Chartered Accountants and Insolvency Practitioners based in Fareham, Hampshire and covering , Portsmouth, Southampton, Havant, Locks Heath, Petersfield, Waterlooville, Horndean, Titchfield, Lee-on-Solent, Emsworth, Park Gate, Warsash and all surrounding areas.