Legally speaking there is no minimum amount that has to be paid into an IVA.
The law does not prescribe the amount of debt that has to be repaid during the Arrangement.
Having said that you will normally have to be able to pay at least £100-£150 a month to be accepted for an IVA.
Does an IVA take all my money?
Not all debts can be included in an IVA.
However, most types of debt can be included, such as credit cards, personal loans, overdrafts, gas and electric arrears and payday loans.
How much will an IVA cost me?
This is subject to approval by your creditors. Depending on who your creditors are and the amount of your monthly contribution it could be either the first five payments into the IVA, or £2,000. The Supervisor fee is 15% of any further realisations, to cover the on-going costs of the IVA.
How does an IVA affect your life?
Having an IVA may affect any future income or assets that you receive. For example, if you decide to move house while you have an IVA, any money you make from the sale might have to be paid into the IVA. If your income increases while you have an IVA, you have to declare it to your insolvency practitioner.
What is the minimum IVA payment?
Is there a Minimum IVA Payment Amount? Generally speaking you will need to be able to pay at least £80-£100 per month into your IVA. If your disposable income is not sufficient to make this level of payment there are a couple of options you can consider.
Can I go on holiday while on IVA?
Although there’s no official section on an individual voluntary arrangement budget labelled ‘holiday fund’ a break away may still be possible if you’re living on an IVA. And importantly, there are no rules or obligations as part of your IVA which means you’re not able to go on holiday.
Can Iva see my bank account?
If you do not owe your bank money there is no issue. They will not be informed about your IVA and you can continue using your account throughout the Arrangement.