Recent Cases
Case Eight: IVA - £44,000 Cleared for £390
This customer was in serious danger of becoming bankrupt which she desperately wanted to avoid in order to keep her house and the family's assets. Her income was not sufficient to keep up repayments on cards and catalogue spending that had built up. An affordable IVA payment of £390 for 5 years was agreed, with the payments being funded by the customer and her husband's joint incomes.
| Customer's original financial situation | ||
|---|---|---|
| Creditor | Debt Outstanding | Monthly Payment |
| RBS | £11,000 | £222 |
| Capital One | £15,000 | £351 |
| Lloyds | £7500 | £195 |
| MINT | £3000 | £120 |
| Marbles | £2500 | £127 |
| Barclaycard | £1500 | £85 |
| NEXT | £750 | £45 |
| Freemans | £450 | £38 |
| Littlewoods | £500 | £62 |
| Empire | £600 | £55 |
| Debenhams | £1200 | £127 |
| Marshall Ward | £220 | £32 |
| Total | £44,220 | £1,459 |
- Solution selected
- IVA £44,000 for £390 per month
- Reasons for selecting an IVA
- It was imperative that the customer keep control of their assets including payments to private school fees.
- Benefits for the customer
- Monthly costs were reduced by approximately £1,070 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