Recent Cases
Case Six: IVA - £127,000 cleared for £1122
This couple had a combination of business debts in a personal name and personal debts built up when business was good. When Mr's business started to struggle it became impossible to service these debts. Holding onto the house was however the most important thing. Through using an IVA we were able to reduce monthly outgoings by £1,756 per month
| Customer's original financial situation | ||
|---|---|---|
| Creditor | Debt Outstanding | Monthly Payment |
| Lloyds | £13,000 | £270 |
| Bank of Scotland | £11,000 | £230 |
| Barclaycard | £3,000 | £70 |
| Halifax | £12,000 | £220 |
| Morgan Stanley | £8,000 | £150 |
| MBNA | £6,000 | £110 |
| Mint | £9,000 | £200 |
| American Express | £8,000 | £200 |
| Egg | £4,500 | £90 |
| Monument | £900 | £30 |
| MBNA | £4,397 | £169 |
| GE Money | £2,312 | £132 |
| GE Money | £16,229 | £212 |
| HFC | £11,929 | £277 |
| Mint | £6,672 | £194 |
| Barclays | £10,333 | £260 |
| Clydesdale | £393 | £65 |
| Total | £127,665 | £2,879 |
- Solution selected
- Individual Voluntary Arrangement - £127,000 for £1122
- Reasons for selecting an IVA
- It was imperative that the customer keep control of their assets including a property with its stables.
- Benefits for the customer
- Monthly costs were reduced by approximately £1700 per month.
- Debts entirely cleared over five years.
Case One: Unsecured Loan - £10,000 with minor arrears cleared for £147.60 per month.
Case Two: Unsecured Loan - £24,000 with arrears cleared for £392.83 per month.
Case Three: Secured Loan - £44,000 in debts cleared for £371.08 per month
Case Four: Secured Loan - £60,000 cleared for £450.54 per month
Case Five: Debt Management Plan - £27,000 managed for £250 per month
Case Six: Individual Voluntary Arrangement - £127,000 cleared for £1122 per month
Case seven: Individual Voluntary Arrangement - £93,000 cleared for £690 per month.
Case Eight: Individual Voluntary Arrangement - £44,000 Cleared for £390 per month
Case Nine: Individual Voluntary Arrangement - £20,500 Cleared for £195 per month