Recent Cases
Case seven: IVA - £93,000 cleared for £690
This customer had a significant amount of unsecured borrowing. It was important to the couple that they remained homeowners. With help from his wife's income and an agreement to undertake a small remortgage at the end of the IVA it was possible to structure an IVA for £790 per month.
| Customer's original financial situation | ||
|---|---|---|
| Creditor | Debt Outstanding | Monthly Payment |
| HSBC | £5,000 | £120 |
| TESCO PF | £20,315 | £220 |
| Lombard | £21,310 | £274 |
| Northern Rock | £27,200 | £320 |
| HSBC | £1,000 | £82 |
| Northern Rock | £9,900 | £195 |
| JJB | £3,700 | £120 |
| MBNA | £4,400 | £159 |
| Total | £92,825 | £1,490 |
- Solution selected
- IVA £92,825 cleared for £690.
- Reasons for selecting an IVA
- Customer did not want to be made bankrupt and risk loss of property
- Debts were too large to consider further loans or debt management
- Benefits for the customer
- Monthly costs were reduced by approximately £800 per month
- Kept the family home
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