My worst case ever was two pensioners in their 70's who had incurred debts of £175,000 based upon state pensions and a small occupational pension. OK, they had some equity in their property, but their disposable income was approximately £400 per month.
Rhe debts had been incurred over a three year period, and a leading high street bank had lent them both £25,000 each six months before I was asked to advise them!
We eventually did a deal with creditors based upon a sale of their property, giving 34p in the £ and I managed to retain £50,000 for them to buy a smaller retirement home outright (it's cheap in Swansea).
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
