Client G & GC
Employed: Both retired
Amount of debt prior to IVA: £4,400 Mr / £28,000 Mrs
Monthly payment into IVA: £157
Number of Creditors: Jointly 14
Original debt solution: Debt Management
Amount of debt reduction if IVA completes estimated at 82%
Debts: Store Cards, Credit Cards, Loans & PPI Claim Fee
Service offered: IVA debt advice
Having been on a Debt Management Plan this retired couple re-assessed their position to creditors as they were receiving little benefit and the level of debt did not seem to be reducing significantly over a reasonable period of time. Additionally the agreement offered no protection from creditor contact and correspondence.
They maintained payments where possible to creditors in the Debt Management Plan but this would have taken approximately 25 years which did not take into account fees for the Debt Management Company.
Having sought independent professional advice to resolve the financial position, they were advised that an IVA was the most beneficial solution.
Following IVA debt advice from X-debt, their monthly outgoings were reduced to an affordable level of £157 over a 5 year period making their finances more managable.
If you are in a similar situation or are struggling to manage your debts 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.