Miss T owed £20,000 to 8 different creditors amounting to £500 payable each month. With earnings of only £1160 per month she was finding it difficult to pay this alongside her living costs which amounted to £820 per month (including rent / bills etc). An IVA was deemed the best solution for her, a plan was drafted and agreed by creditors, meaning Miss T’s repayment amount was brought down to just £180 for the duration of 60 months, writing off nearly half of her total debt.
Ms M became a full-time single parent after the break up of her 12 year relationship. Unfortunately her Ex partner left and could not afford to contribute to their joint debts (that were all in her name) or towards the upbringing of the children. Therefore she found herself struggling unable to support her children or meet the repayments on her debt. Her debt level was £42.846 paying £270 a month for 193 months / 16yrs, which coupled with her living costs, was becoming increasingly unmanageable.
An IVA was advised as the best possible solution, to be paid over 60 months, bringing her repayments down to £145 for the first 17 months and £339 for the remaining 43 months, paying back a grand total of £16,703 writing off the remainder of her debt.
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Subject to availability and acceptance. Debt write-off applies on the completion of and Individual Voluntary Arrangement. Alternative solutions may be offered. Repaying debt over a longer period of time may increase the total amount to be repaid. Whilst on an IVA and for a year after completion your credit rating will be affected.