Amount of debt prior to IVA: £18900
Monthly payment into IVA: £150
Original debt solution: No arrangement in place
Amount of debt reduction if IVA completes estimated at 70%.
Client LA had debts in excess of £18,000 when he approached X-debt. The unsecured debt was mainly made up from a number of credit cards. The client has always been on a low income but before his divorce he managed credit sensibly. His divorce was acrimonious and his credit problems were exacerbated by legal bills. His children live 80 miles away and he has used credit to finance travelling to visit them or for them to visit him. His ex wife has been un-reasonable and she has pursued him through the CSA even though he is a low income earner. Credit was used for day to day basic living expenditure.
On successful completion of the IVA, the unsecured claims would be reduced by an estimated 70%.
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.