IVA Debt Management
Thomas and Jane
Tom is a full time teacher and Jane is a nurse. They have 3 children and own their own home. The debt problems started a few years ago when the credit card balances became to difficult to repay.
Once their debts had got to this stage they should have sort help but instead they did nothing about this situation for nearly 5 months.
By this time the monthly payments had spiralled to £1180 per month and the whole world was starting to fall down around them.
They contacted us for help and support and with our help we managed to reduce their debt repayments to £630, nearly 50% reduction in 5 weeks.
Billy is a 56 year old self-employed taxi driver based in Bristol. He has been a taxi driver for over 20 years, and has a steady income and owns his own home. He recently got divorced and had to agree a settlement with his wife and children which has left him financially restricted.
He took out a fresh loan and a new credit card to add to his already existing debts, and soon found the repayments too difficult to manage, despite putting in extra hours in his cab.
When Billy had an unfortunate accident in his taxi, he had to pay the excess on his insurance and his premium increased dramatically. Facing bankruptcy, billy did not want to default on his minimum monthly repayments to the credit card companies and banks, even though he only had just over £200 a month left in disposable income.
The equity in his house was much less than his debts, a re-mortgage was not an option, so he entered into an IVA. He was sceptical at first, due to some recent negative publicity. However, once he found that his repayments were to reduce by over £650 per month, and that in just over five years he would be debt free without going bankrupt or losing his home or job, he knew he had made the right decision for him. Fifteen month later, Billy is still happier!)