Client Mr and Mrs C
Amount of debt prior to IVA: Mr £4,000+ / Mrs £28,000+
Monthly payment into IVA: £157
Original debt solution: Debt management plan
Amount of debt reduction if IVA completes estimated at 81%.
Mr and Mrs together had debts in excess of £32,000 when they approached X-debt. They had 14 creditors between them from Store Cards, Credit Cards, Loans & PPI Claim Fee.
They are retired and have been on a Debt Management Plan but have recently re-assessed their position to creditors and they are receiving little benefit and the level of debt does not seem to be reducing significantly over a reasonable period of time. Additionally such an infomal agreement offers no protection from creditor contact and correspondence. They have maintained payments where possible to creditors in the Debt Management Plan but this will take approximately 25 years and this does not take into account fees for the Debt Management Company. The clients have sought independent professional advice to resolve their financial position.
On successful completion of the IVA, the unsecured claims would be reduced by an estimated 81%.
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.