I am looking or a freelancer who can work quickly to provide my client with a calculator for an IVA - a debt management solution available in the UK.
The parameters to be eligible for an IVA are as follows -
Minimum Creditors 3. (can't be from same institution ie barclays overdraft and barclaycard would be counted as on)
Minimum amount owed to creditors £15,000
Minimum contributions (disposable income £300)
Minimum dividend (pence in the pound return to creditors) 30%
Dividend is calculated by multplying the contribution/disposable income by 60 (5 years)
Subtract fees including VAT (estimation of £7K)
Where a full repayment is predicted the fees have to be added on to the debt so if some one owed, for instance £23,000, the fees would be added which would make it total repayable of £30,000
If the client is a tennant and has less than £300 disposable income then its bankruptcy
If the client is a home owner and has less than £300 Disopsable income its debt management.
If the client has more equity than money owed to creditors by 15% then it is a remortgage (working to 85% LTV as most will be self cert or adverse)
There are many variations to the above which should only be a rule of thumb. Whatever the outcome I would like the last paragraph to say that they should contact us for further advice.
The calculator has to display the out come in either potential monthly payments, ineligibility or any of the other options raised. I would prefer the script to use AJAX to keep it nice and simple.
An example of one such calculator can be found at [url removed, login to view] and my client would like the same features.
Please be aware that there is a short deadline on this job so if you are not 100% confident with the job do not accept it.