Amount of debt prior to IVA: £41,000
Monthly payment into IVA: £140 changing to £297 for the final 7 months
Original debt solution: No arrangement in place
Amount of debt reduction if IVA completes estimated at 85%.
Client CG had debts in excess of £40,000 when he approached X-debt. She had 10 creditors brought into the IVA with debts from Loans, Credit Cards, Possession Shortfall, Overdraft & Store Cards.
The clients estranged husband experienced personal relationship problems over a period of time and this culminated in the matrimonial home being repossessed by the Building Society in Oct 2012. There was a shortfall on the mortgage of £18,816.97 which acerbated her finance position. Her husband was jointly and severally liable for this shortfall but he is not in a financial position to make an offer to the Building Society. Her finances have spiralled out of control so she has been unable to make full contractual payments to all known creditors.
On successful completion of the IVA, the unsecured claims would be reduced by an estimated 85%.
You can call us on 0800 043 2424 or 0161 787 3400 to dicuss your situation. Alternatively you may wish to try our IVA calcuator to see whether an IVA may be appropriate for you.