IVA Example (Individual Voluntary Arrangement) – Couple in Hull

December 8, 2011 No Comments

A married couple in Hull approached us for Debt Advice after a change in circumstances meant that they could no longer afford to pay what the creditors were asking and they were building up arrears.

They had £24,000 of Debt and was paying £478 per month before contacting us.

With a IVA (Individual Voluntary Arrangement), they now pay £201 per month. The creditors have frozen interest and charges on the debts and they will be debt free in around 5 years.

£12,060 will be paid to clear the debts and £11,940 will be written off on completion of the IVA at the end of the 5 year plan. Thats a debt write off of around 50%.

If you are facing trouble with your debts and would like confidential and professional advice contact us today.

Our offices are based in Hull but we help people across the whole of the UK. Our full contact details are below.