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Shortfall on mortgage after repossession increases debt problems

Client C G-Y
Employed: Nurse
Amount of debt prior to IVA: £40,100
Monthly payment into IVA: £140 @ 53 & 297 @ 7 months
Number of Creditors: 10
Original debt solution: No previous arrangement
Amount of debt reduction if IVA completes estimated at 85%
Debts: Loans, Credit Cards, Possession Shortfall, Overdraft & Store Cards
Service offered: IVA debt advice

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 exacerbated her financial 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. The IVA has allowed C G-Y to control her finances and make them more managegable.

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.
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