Employed: Security Officer
Amount of debt prior to IVA: £14,300
Monthly payment into IVA: £150
Number of Creditors: 5
Original debt solution: Debt Management
Amount of debt reduction if IVA completes estimated at 64%
Service offered: IVA debt advice
Mismanagement of finances and juggling funds trying to find monies to deal with indebtedness. Client re-used credit facilities when balances were transferred from credit cards etc. Debt had increased further as he was living beyond his means. This was further exacerbated with rises in cost of living not-in-line with rise in income.
Furthermore, he went through a divorce a number of years ago and all of his life savings were used to pay for court costs.
The majority of the debt accumulated from his mortgage shortfall and shortfall from previous car finance. The vehicle has now been scrapped.
He has struggled to maintain contractual payments to all known creditors as every day living has become more expensive.
With an IVA, MJT was able to reduce his monthly outgoings to an affordable level at just £150 and so bring his finances under control. On successful completion of the IVA, over £5000 of debt would be written off.
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