Amount of debt prior to IVA: £14,000
Monthly payment into IVA: £150
Original debt solution: Debt Management Plan
Amount of debt reduction if IVA completes estimated at 60%.
Client GM had debts in excess of £14,000 when she approached X-debt. Unsecured debts were made up of loans, credit cards, catalogue and overdraft.
A few years ago her husband passed away and due to his lack of income struggled to keep up her payments to creditors. She originally entered into a Debt Management Plan but realised her creditors were receiving very little from the contributions and her debt level didn’t seem to be reducing. Not all creditors in the plan had frozen interest and charges so these debts were in fact increasing.
After assessing her situation X-debt advised that the most appropriate debt solution for her would be an IVA which the creditors agreed to and was approved.
On successful completion of the IVA, the unsecured claims would be reduced by an estimated 60%.
If you are suffering debt problems of your own, pick up the phone now to speak to an expert on 0800 043 2424 or 0161 787 3400. Alternatively you can get an indication of whether an IVA may be suitable for your needs by completing our IVA Calculator form.