Case Studies

We know that each person who gets in touch with us will have their own individual circumstances. We therefore provide a bespoke solution each time. To give you an idea of the kinds of solutions we can provide take a look at these case study overviews below:

Debtor 1

26 year old man with creditors of £44,000. They arose from setting up home with new girlfriend, supporting her business and taking a job with better prospects but lower initial salary. He expected debts were about £30,000, but realised with interest they were much more. Contributions were agreed at £500 per month for 5 years. IVA now completed.

Debtor 2

Divorced 45 year old man with £34,000 of debt. Debts arose from meeting obligations for his children to his ex-wife and setting-up on his own. To compound matters, his employer introduced a pay freeze for two years. He could not afford any monthly contributions to his debts. He held Endowment Policies in his own name which could be cashed in for approximately £20,000. Whilst this was not enough to pay off his debts, he was advised he could propose an IVA on the basis of a 'Full & Final' offer to creditors. His creditors accepted and within 8 months, his IVA had been agreed, creditors settled and IVA completed.

Debtor 3

Single, 22 year old woman with £22,000 of debt. Debt had accrued from time spent living with her ex-partner. Credit was used for a reliable car, decorating, additions to the home and unexpected living expenses. After separating, she carefully examined her expenditure but could not make ends meet. Her parents allowed her to move back home, but she still only had just over £200 per month to offer her creditors. A 5-year IVA was proposed and accepted. A few years later, her car needed to be replaced as it was beyond economic repair. With the IVA, discretion could be applied to miss some payments and make this up later. Payments have resumed and the Arrangement is due to complete successfully this year.

Debtor 4

Debtor aged 72 with £12k debt. The debtor had used credit facilities for a number of years, for general living and white goods. As employment continued after the age of retirement, the monthly payments were maintained, however, the debtor suffered a serious accident and was unable to continue working. The reduction in household income caused ongoing financial strain with little or no possibility of repayment in full. The debtor’s proposal offering contributions for five years, was approved by creditors.

Debtor 5

Debtor aged 36 with £25k debt. Credit facilities were previously used for household purchases, Christmas and birthday presents for the debtor’s two children. Finances became strained following separation from the debtor’s partner and the subsequent reduction in the household income. Child maintenance was not forthcoming from the former partner and the debtor struggled to maintain all monthly commitments. An attempt was made to consolidate the debts however this did not prove to be a viable solution. A proposal was made to creditors offering affordable monthly contributions for five years, which was approved.

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