Case Studies | IVA | Trust Deed | Debt Management

Miss N was struggling to pay her debts of £38,000. Her monthly payments were totalling £785 and the situation was getting increasingly worse. After discussing her problems with us, we were able to analyse her situation, we discovered that the best option for Miss N was an IVA or Individual Voluntary Arrangement.
When her IVA was accepted we reduced her monthly payments to £260 per month for 60 months, paying back £15,600 of her debt. After 60 months Miss N will be DEBT FREE having written off £22,400 of her debts.

Mr C was paying his creditors over £920 per month and was finding it difficult to live. He entered into an IVA in September 1999. His monthly payments were reduced to £350 per month. In September 2004 Mr C successfully completed his IVA. The remainder of his debts (£12,000) were written off and he became DEBT FREE.

A Married couple were having difficlty paying their monthly debt repayments of over £700 per month. In September 2002 they entered into an IVA paying creditors a more affordable £300 per month. During the summer of 2003, they re-mortgaged their home, released £19,000 equity and which the creditors accepted as full and final settlement of the IVA. BY July 2003 they were DEBT FREE.

A couples monthly debt payments were very high; almost £2,500. In February 2004, they entered into an IVA. Their monthly payments were reduced significantly to £350. In September the following year they remortgaged their home and surrended their endowment policies. This enabled them to raise £47,000 which they used as a full and final settlement agreement with their creditors. They subsequently became DEBT FREE.

A single mum had monthly debt repayments of £560 per month and it was too much to cope with. She was successful in entering an IVA, which she entered in September 2004. Her monthly repayments are just £250 per month and in 60 months she will be DEBT FREE and the remainder of her debts will be legally written off.

Mr D was having difficulty keeping up with his monthly debt repayments of £776. His debts amounted to £40,000 on credit cards and loans due to a dramatic decrease in income. We were able to reduce his monthly payments down to £200 per month allowing him peace of mind to go on with his day to day living.

Ms S had monthly debt repayments of £603. She tried to remortgage her home to release equity and she was refused the remortgage. After talking to us, we were able to set up a Debt Management Plan on her behalf and reduced her monthly payments to £305.

Mr R could not afford the extortionate monthly debt repayments of £1,116 and his circumstances did not allow him to enter into an IVA. He was also denied a remortgage due to his income level. After talking with us at Debt Advice, he entered into Debt Management and his monthly payments were reduced to £380 making his monthly commitments very manageable and Mr R very happy.

A married couple were paying their creditors nearly £6,000 per month. We are currently negotiating a Debt Management Plan with their creditors for payments of £745 per month.

Mr M's debts were getting too much to handle with payments of £705 per month. He was suitable for and entered into a Trust Deed which lowered their payments to £250 per month. The remainder of their debt (£11,000) was written off and they became DEBT FREE.

Miss H was paying her creditors over £900 per month. In June 2008 she entered into a Trust Deed which reduced her monthly payments to only £415 per month. After 36 months she will be debt free and have written off two thirds of her debt.

Mr A couldn't keep up with paying all his creditors over £1000 per month. After assessing his situation it was clear that a Trust Deed would be the best option for him. He entered into a Trust Deed and his payments were reduced to £555 per month for 36 months. After this time he will be debt free and the remainder of his debts will be written off.