IVA Example One :
Tony was making monthly repayments
of £823 on debts of £44,000 incurred
on various credit cards and loans. The debts
had built up over a period of time following
his wife being made redundant. Tony was really
struggling to afford to make the repayments
and the ongoing stress of trying to juggle payments
to creditors each month was starting to make
him ill. This triggered him to take some action.
Within a few weeks of meeting
with Tony we had negotiated with his creditors
for him to repay £400 per month over a
five year period (total repayments £24,000).
This reduced his monthly repayments
by over £423 to an amount that he could
comfortably afford and the balance of his debts
(approx £20,000) will be legally written
off. He is now on his way to being debt free
within 5 years.
IVA Example Two :
Ivan was making monthly repayments
of £772 on debts of just over £40,000
incurred on a number of credit cards and loans.
The debts had built up over a period of time
following his relationship breaking down and
him having to find alternative living accommodation.
Ivan knew that the only way he was meeting his
monthly payments was by using his credit cards
to live on – a situation that was not sustainable.
Within 7 weeks of meeting with
us Ivan’s IVA had been approved. A member
of his family was willing to introduce £15,000
into his IVA in full and final settlement of
his debts. His creditors were happy to accept
this offer.
His IVA was concluded within 6
months of his initial meeting with us.
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