Employed: Self Employed Painter and Decorator
Amount of debt prior to IVA: £18,900
Monthly payment into IVA: £150
Number of Creditors: 3
Original debt solution: No previous arrangement
Amount of debt reduction if IVA completes estimated at 71%.
LA had always been on a low income but before his divorce he managed credit sensibly. His divocce was acrimonious and his credit problems has been acerbated by legal bills. His children live 80 miles away and he has used credit to finance travelling to visit them or to help them visit him. Credit was mainly from credit cards. His ex wife has been un-reasonable and she has pursued him through the CSA even though his income is low and he has tried to contribute where he could. Credit was used for day to day basic living expenditure.
Although on low income an IVA was the most appropriate solution and allowed reduced monthly payments to ensure the debts were more manageable.
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 which solution may be appropriate for you.