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Debt Increase Due to Ill Health

Client: P.A.M.
Employed: Retired
Amount of debt prior to IVA: £23,000
Monthly payment into IVA: £100
Number of Creditors: 4
Original debt solution: Debt Management
Amount of debt reduction if IVA completes estimated at 84%
Debts: Loans, credit cards and overdraft
Service offered: IVA advice

Over the years P.A.M. had used small amounts of credit for general household and personal items.  At this time there were no difficulties maintaining credit repayments.  Unfortunately, the client began to suffer with various health issues which eventally required having a knee replacement. 

7 years ago, P had to retire due to  health and although began to receive  pensions,  income had
decreased significantly.  Following  retirement P tried to manage debts by consolidating them.  However this only provided temporary relief as P still continued to use credit for emergencies and other unexpected costs. This obviously exacerbated the problems and debt increased uncontrollably. P is now back in control of finances and able to have more peace of mind during retirement.

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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