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TYPICAL IVA PROFILE
  >Example of the most typical IVA profile
IVA Profile:
Name: Mr Smith (name changed to protect Identity)
Age: 35
Location: London
Occupation: Teacher
Background: Mr Smith experienced some unfortunate times and ended up with debts of £31,300.
Solution opted for: IVA
Debts written off: £21,900 (70% of debt)
Reduction in monthly payments of: 770 (73%)
Now paying back £280 instead of £1050

Mr Smith was struggling to meet his minimum payments of £1050.00 per month. The interest charges were adding up, he realised that if he didn't do something now then he would be going bankrupt within a year.

Options:
Mr Smith was in too much debt to consider an debt management plan or loan consolidation. This really only left bankruptcy or an IVA. Mr Smith realised that bankruptcy meant potentially losing his home, also Mr Smith did not want his predicament to become public knowledge (all bankruptees and published in the local paper). Therefore Mr Smith contacted the iva.co.uk site for help. He completed the IVA wizard and saw that the IVA was a good solution for him. He then rang the IVA helpline to receive further advice. Mr Smith realised at this point that he definitely wanted to do an IVA, he then contacted several of the companies on our recommended IVA companies list.

Within one month the partner company had negotiated the debts down to
£9,500.00 and stopped all further interest charges. The creditors had also been informed about the IVA proposal, this led to less calls to Mr Smith chasing for money.

Mr Smith and the people he owed money to agreed to him paying £280.00 a month over a five year period. Mr Smith was delighted with this outcome and has now established strict financial budgeting as part of his daily life. He feels that he has learnt his lesson.

If you want to see if an IVA is right for you, please try our IVA Wizard.

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IVA WIZARD
-Do you qualify
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-Write off up to 60% of your debt
-Ave write off 45%
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Media Coverage

Credit Today
"Firms warned by OFT"
04-Jul-2008 - Print

Credit Today
"OFT targets debt solutions mis-selling"
06-Jun-2008 - Online

YahooFinance
"Andy Davie (IVA.co.uk) Welcomes OFT's Warning over Misleading IVA"
06-Jun-2008 - Online

Credit Today
"Out in force"
02-Jun-2008 - Print

Company
"The Great Debtaway"
01-Jun-2008 - Print
Free E-Books

Budgeting at christmas
How to manage your finances at Christmas
 

Avoiding ID Theft
How to avoid ID theft
 

Parking Fines Guide
How to get parking fines refunded!
Bank Charges Guide
How to get all bank charges from the last 6 years refunded!
IVA & Debt Leaflet
Find out all the debt solutions that are available.
Credit Repair Guide
Find out how your credit file works and find out some ideas for how you can improve it.
The Debt Penalty

Online documentary about debt.
The IVA Book
Get the IVA Book from Amazon or visit the official support site here
Read blogs from people doing IVAs:
IVA blog from Steve Hitchens