Anthony

Anthony had unsecured creditors of £71,811.46 which consisted of bank loans, overdrafts and credit cards. Anthony has gone through a number of very tough years as his marriage had fallen apart and very tough divorce proceedings followed. To cap it off, Anthony lost a very well paid job and was living off his redundancy.

Anthony was very adamant he wanted to avoid bankruptcy even though he had no remaining assets apart from the balance of his redundancy pay out of £11,000, and no disposable income to make repayments.

Bev Budsworth our IP suggested offering the £11,000 as a lump sum settlement put forward using the Individual Voluntary Arrangement “IVA” procedure. Normally IVA’s are 5 or 6 year payment plans where the individual pays an affordable monthly sum into the arrangement. Clearly this was not possible and as an alternative Anthony’s IVA proposals suggested that creditors accept the £11,000 in full and final settlement of their debts.