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After a drop in income, Josh had been relying on friends and relations to help him provide for his young family and also keep the wolves from the door. He had reached crisis point and was desperate to find a solution that was right for him.

Having considered all of his options, Josh decided to propose an IVA paying £200pm for 19 months then £414 for 41 months after his car hire purchase agreement had ended. This resulted in him proposing to pay £20,774 against £45,000 of debt.

situation before IVA

Total Unsecured Debt


Surplus income


Monthly commitment to creditors




approved IVA solution

Monthly Contributions:
19 x £200
53 x £414

(Creditors requested an additional 12 payments at the meeting of creditors)


Mortgage balance


Property worth

(due to negative equity it is not projected that Josh will have to attempt to remortgage to release his net worth)


Total to be repaid by client


Dividend accepted by creditors (per £)