TYPICAL IVA PROFILE
Example of the most typical IVA profileName: 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. |
- Do you qualify for a IVA?
- Find out amount written off?
- Find out your monthly repayment?
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Recent Coverage
 Daily Mail "Banks forced to write off £40m a day in family debt" |
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Credit Today "Most struggling debtors don't have short-term debt problems" |
 Independent "Average house hold will lose £400 per year" |
 Sun "£££s split one in two" |
 Daily Mirror "A-Z of Getting Out of Debt" |
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Write off company debt
A CVA can write off 70% of company debts.
Find out if you qualify: