basically they added up all the money coming in and all going out and work edout how much i had spare for debt payments. so after rent bills etc I had 400 pounds spare but all my cards and loans addeed up to 1000 pounds.
so they made a proposal to all the banks that i had cards and stuff with and said "look, she only has 400 a month spare so you can have your share of that each month"
and all the banks I owed had to vote yes or no to that. And as long as more say yes than no then you can start.
So they agreed to it,now i pay 400 a month for i think five years and then whatever debt is left at the end is wiped clean.
oh & i didn't have to tell anyone at work
hope that helps. are there any experts on here to answer questions?
Has anyone actually done an IVA?
Posted - 16 November 2006 : 22:37:43
