"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 |