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Ben struggled when his marriage broke down, ended up in a 1 bedroom flat, struggled with depression and began excessive drinking and spending. Everything came to a head when he was banned from driving due to being caught over the limit. This was the wake up call he needed.

Ben had around £45,000 of unsecured debt and realized he needed some help. He started on a debt management plan with The Debt Advisor “TDA” but lost his job and for a period could not afford to make payments to his creditors. He soon found another job although on a lower salary. The TDA team reassessed his financial position and recommended an IVA to deal with the balance of his debt totaling £39,185.

Ben’s IVA proposal was based on him paying £363pm for 60 months. This resulted in him proposing to pay £21,780 on £39,185 of debt, which was accepted by creditors.

situation before IVA

Total Unsecured Debt


Surplus income


approved IVA solution

Monthly contributions
60 x £363


Dividend accepted by creditors (per £)

Three years into the IVA, Ben was again made redundant and could no longer afford his contributions. The Debt Advisor proposed a variation to his IVA and the creditors agreed to conclude his IVA based on the contributions and PPI refund they had received to date.

Total Contributions (including PPI refund)


Final Dividend
(compared to £0.43 p/£ originally accepted)