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customer background

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

£39,185.00

Surplus income

£363.00

approved IVA solution

Monthly contributions
60 x £363

£21,780.00

Dividend accepted by creditors (per £)

£0.43
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)

£16,579.00

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

£0.28