Your Insolvency Practitioner (IP) will work with you and your creditors to work out how much you can afford to pay each month over the period of the IVA (Individual Voluntary Agreement).
Your IP will look at your pay slips, recent bank statements, mortgage statement, creditors' letters and statements and your other outgoings to work out how much you can reasonably afford to pay each month and will come to an agreement with your creditors. This gives you the best possible chance of completing the IVA successfully.
In general you should expect to pay around £200 to £250 per month; however the monthly payment will depend on the amount of money that you owe.
You must keep up with the repayments of your IVA or you risk being made to go bankrupt under the terms and conditions of the IVA.