Individual Voluntary Arrangement Case Studies
All of our Individual Voluntary Arrangement (IVA) case studies are typical examples of how an IVA could work for you. All have had their names changed to protect our client's identity.
IVA Case Study 1 - Mr. P - Homeowner with £38,000 worth of unsecured debt.
Mr. P had £38K worth of unsecured debt which was spread out over multiple credit cards, store cards and personal loans, this was costing him over almost £500 a month on interest alone.
His debts continued to grow due to high APR and the fact the he could only afford to make the minimum payment to a couple of his debts, as his salary could not cover the monthly outgoings.
After speaking to one of our team, here at IndividualVoluntaryArrangement.co.uk, Mr. P decided that an IVA was the best debt solution for him. After taking a detailed look at his finances, we arranged a meeting of creditors to offer them an IVA proposal, and they agreed.
Mr. P only needed to repay just over half of the whole debt. His interest and charges on the debt was frozen and he would make monthly payments of £350 into his IVA which were distributed between his creditors. At the end of the agreed period, providing that Mr P can keep to the scheduled agreements, he will be debt free.
Remember - These are IVA case studies only and the exact terms of your IVA and the amount of debt write off will be dependant on your individual financial circumstances. Always seek professional advice.
