"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 |
All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to set up your plan and maintain it - all fees will be outlined during your consultation. For further information on fees, please see the FAQ section of the different solutions available. Retained payment may place you further into arrears. The Debt Advisor complies with the Consumer Credit Act and you have the right to a cooling off period of 7 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term