Abbas’s creditors were very supportive and all agreed to freeze interest and charges. His payments did increase to £250 per month and with the help and support of the TDA team, Abbas was able to clear his debts in full over a period of 4 years.
Abbas is now debt free and aged 39 he is able to look forward to managing his monthly budgets without having to worry about historic debt.
13 months at £380
17 months at £280
30 months at £415
In the fourth year of the arrangement, an offer of remortgage was unattainable. As there was equity in the property, an alternative was approved by creditors to extend the IVA for 12 months during which the client paid additional monthly contributions as detailed below.
Additional contributions ( in lieu of equity unable to be realised ) 12 x £415