Mr X unfortunately lost his job in March 21, due to COVID-19, relying on credit and a redundancy payments to cover everyday living costs.
Fortunately, Mr X was able to go self-employed and generate an income however the income did not cover all of the household bills and creditor commitments.
Mr X entered into an IVA, including all of his unsecured creditors, where his payments were reduced down to what was a manageable and affordable level. His monthly payments went from £784 per month down to £156 per month.
At the end of the 60 month period, Mr X will have paid back approximately £9,360 writing off an estimated £23,471
Estimated debt reduced by
71%
Mr G had been struggling for a number of years to pay off his outstanding debts due to the interest and charges, he was taking out new credit cards to pay off the old ones but resuing the available balances.
Mr G entered into an IVA, including all of his unsecured creditors, where his payments were reduced down to what was a manageable and affordable level. His monthly payments went from £948 per month down to £178 per month.
At the end of the 60 month period, Mr G will have paid back approximately £10,680 writing off an estimated £11,571
Estimated debt reduced by
52%
Mrs M had over committed herself, resulting in more going out than coming in; she became dependent on using credit.
Mrs M was up to date with payments however she was struggling to repay her debts due to the interest and having to reuse the credit available on a day to day basis; resulting in the available spend reducing; making being able to live and survive harder.
She entered an IVA with our assistance, including all of her unsecured creditors. Her monthly payments reduced to what was a manageable and affordable level. Her monthly payments went from £765 per month down to £250 per month. In order to protect her home and equity of £15,000, the client paid into the IVA for a further 6 months, which amounted to an extra £3,000.00.
The individual successfully completed her IVA, paying back £18,000 writing off approximately £7,515
Estimated debt reduced by
29%
Enjoy living your life instead of spending it worrying about your debts
Once your IVA has been approved & your new monthly repayment is maintained, you can start to enjoy peace of mind knowing your debt is being managed.
We do not administer or provide advice solely relating to debt management products, such as Debt Management Plans or Debt Payment Plans under the Debt Arrangement Scheme. We only provide advice after completing or receiving an initial fact find where individual(s) concerned meets the criteria for an IVA, therefore all advice is given in reasonable contemplation of an insolvency appointment.