After discussing his financial details with us, he decided to go for an IVA. His creditors agreed that he only need repay just over half of the total debt.
The interest was immediately frozen and he was able to pay a chunk off the agreed amount each month. It was still a struggle to make the payments, but with the debt going down all the time he could manage it, and there was always enough money left over to meet his important family needs.
It was agreed that Mr C is to pay £305 per month for 60 months - £18,300 in total. £13,000 will be written off and he will be debt free at the end of the agreement period, 60 months.
Mr V was made redundant three years ago when his employers went bust unexpectedly. He got no payment and was unemployed for seven months, causing him to borrow heavily on credit cards to replace missing income.
After this long period of being unemployed, he attempted to consolidate his debts with a loan from her bank. His credit card borrowing continued to escalate and his health suffered due to the financial burden. He found employment again and we could negotiate an IVA with his creditors and he now pays just £300 per month.
Debts of £34,000 will be wiped clear in five years, and Mr V can look forward to a debt and worry free future.
Mr and Mrs W have three children under 7, and a total debt of £43,000 spread over five credit cards, two loans and an overdraft. They have a car on hire purchase which is essential to travel to their needs.
They currently pay out £650 per month leaving a mounting overdraft. Their outgoings leave them with no money at the end of each month. They have agreed monthly repayments of £280 for 3 years, and £450 in years 4 & 5 after the car H.P. ends.
In total, Mr and Mrs W will pay back £20,800 over 60 months leaving them debt free.