"I was made redundant after 25 years service as an IT professional at 55 years of age"

Situation before IVA

Total Unsecured Debt

£134,807

Surplus income after providing for living costs

£400

Approximate monthly commitment to unsecured creditors

£3,370

Shortfall

-£2,970

Approved IVA Solution

40 x monthly contributions at £400 followed by 20 x contributions at £564

£27,280

55% of our clients share of equity (His wife has joint ownership of the property and her share was excluded)

Property Worth

£340,000

Mortgage Balance

£261,500

Equity to be introduced

£21,588

Total Repaid by Client

£48,868

Dividend to creditors

£0.29