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When Tom approached The Debt Advisor his debt level was £19,297. Tom had been unable to work for many years. When Tom’s children left home, he and his partner found it difficult to manage their day to day living expenses and began to rely on credit.

Tom entered into a debt management plan and initially managed to maintain payments. However, he suffered a stroke and needed to purchase essential specialist equipment such as a hoist and electric bed which cost around £2,500 using additional credit on high interest credit cards. This left Tom unable to manage his finances again.

Tom next contacted The Debt Advisor and he decided to propose an IVA to his creditors.

Tom found it difficult in the first few months to adjust to life without credit to fall back on, but within a few months Tom had adapted to living without credit.

The approval of the IVA has had a huge positive impact on Tom’s life. Tom has eaten properly, been in a position to buy clothes and has not fallen behind on any household bills. For the first time in years, Tom has started the year in the black with his partner and no worries about money.

situation before IVA

Total Unsecured Debt

£20,829.00

Surplus income

£240.00

Monthly commitment to creditors

£304.50

Shortfall

£-64.50

approved IVA solution

Monthly Contributions 60 x £240
Total to be repaid by Client

£14,440.00

Divided to Creditors (p in the £)

£49.00