Debt help


Klaudia was struggling with unsecured debts over £50,000 made up of loans, overdrafts and credit cards.

Customer Background

She took out a consolidation loan of £18,000 but this still left her with around £25,000 other debts with minimum payments in excess of £500 per month.

Klaudia struggled on for a few years but ended up with even more debt as interest had been added to her loan and she had to use credit cards to fund everyday living.

Klaudia had a property she was keen to protect and was desperate to avoid bankruptcy. She was referred to The Debt Advisor Ltd and it appeared an IVA offering her surplus of £368 per month for 5 years would allow her to repay around 34% of her unsecured debt.

As the property was worth considerably less than the mortgage, it was unlikely that in year 5 of Klaudia’s IVA, she would have any equity in the property and would be able to conclude her IVA after 60 months.

Monthly contributions:
48 x £368
12 x £617
(Creditors requested an additional 12 payments at the meeting of creditors)

Situation before

Total unsecured debt: £50,809
Surplus income: £368
Approximate monthly commitment to creditors: £1,524
Monthly shortfall: £1,156

Situation after

60 payments total (to be repaid): £25,742
New monthly payment: £368
Dividend to creditors (pence in the £) : £0.43

Debt levels before and after


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