Repayment Comparison
As we have said elsewhere there is no such thing as “the right” solution to resolving debt issues. Two people with exactly the same problem could chose different options and neither would necessarily be wrong. The right decision depends on your attitude to repaying your debts, the risk that you are prepared to take regarding your future finances, what you can afford, how quickly you need a solution and your general attitude to bankruptcy.
In terms of assessing what you can afford and how much it will cost you the following table demonstrates how, in overall cash terms, an IVA can work compared to the alternatives of taking a consolidation loan or entering in to a debt management plan. The debt write off assumption in an IVA is based upon the results that our two practitioners have achieved until December 2008.
To find out how much we can save you click on the amount that is nearest to the total amount that you owe.
| How much do you owe? |
It could cost you this |
Typical saving with a 5 year IVA. |
| £30,000 | £35,727 | £21,835 |
| £40,000 | £47,636 | £29,980 |
| £50,000 | £59,545 | £38,125 |
| £60,000 | £71,454 | £46,270 |
| £70,000 | £83,363 | £54,415 |
| £80,000 | £95,272 | £62,560 |
| £90,000 | £107,181 | £70,705 |
| £100,000 | £119,090 | £78,850 |
| £110,000 | £130,999 | £86,995 |
| £120,000 | £142,908 | £95,140 |
| £130,000 | £154,817 | £103,285 |
| £140,000 | £166,726 | £111,430 |
The above is for example purposes only. IVA figures based on the average dividend accepted by creditors on IVAs proposed by our practitioners on behalf of our clients during the period from 01/07/07 to 31/12/08. There is no upper limit to the amount that can be settled using the IVA process.
