Debt help

Ian & Nicole

Due to the ill health of Nicole’s mother, Ian & Nicole have faced significant costs.

Customer Background

Her mother had been diagnosed with lung cancer and they had paid for health care and also visits to the Philippines where she lived. Unfortunately Nicole’s Mum passed away and Nicole covered her funeral costs but had to use her credit cards.

When they returned, they worked long hours to generate extra funds to try and pay off their debt as they realized their debts which were in excess of £30,000 were spiraling out of control. The long hours left them exhausted and they both suffered bouts of ill health. A friend suggested they seek help and were referred to the TDA team.

Two years into the IVA, Ian and Nicole again suffered from ill health, and Ian ultimately had to give up work. The Debt Advisor proposed a variation which the creditors accepted allowing the IVA to be completed on the payments received to date. In total, the creditors received 14p/£ compared to 54p/£ originally agreed.

Situation before

Total unsecured debt: £30,212
Surplus income: £290
Approximate monthly commitment to creditors: £900
Monthly shortfall: £610

Situation after

60 payments total (to be repaid): £8,055
New monthly payment: £290
Dividend to creditors (pence in the £) : £0.14

Debt levels before and after

Ian & Nicole

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