Lower my debt Payments
This video is an example of one of the debt solutions on the website, an Individual Voluntary Arrangement (IVA). An IVA allows you to reduce the monthly cost of your debts, get the interest and charges frozen on your debts and ultimately become debt free by having any remaining debt written off once the 60 payment term is complete.
In Summary: The example is based on a real case. In this case the customer had four different types of debts:
Two personal loans totalling £12,242 of debt
Three credit cards with a total balance of £8000
An overdraught with a staggering £2750 outstanding
And three store cards with a total of £1,750 of debt owed
Added together this is £25,276 which required £613 per month in payments. Although for this amount of debt, this is quite a small amount to pay each month, this individual could not afford these payments and the advisors got the lenders to reduce the required payments to just £213 per month. A huge improvement; which made all the difference to the customer.
Debt written off
This payment was scheduled for 60 months (5 years) and once the term was up and all 60 payments were made the remaining debt was completely written off. In total £13080 was repaid, which is just 51.7% of the total debt. This means £12196 was written off at completion of the IVA (that's 48.3%), but that's not all, any interest that would have accrued over the 5 year period will have been effectively written off as well. That is a lot of debt not to have to pay back in anyone's eyes.
Find out more...
Play the video opposite to see how this customer:
1. Cut the payments on their debts
2. Got their lenders to write off debt they couldn't afford to pay.
To have your payments lowered click on the 'Free Advice' button below. Within 24 hours we will give you a breakdown of how little needs to be paid towards your debts.