Case studies
£100,000 in debt
Aged 46 and single with debts totalling £100,000 which had built up over many years through spells of unemployment, divorce and illness, Mr X was desperate. A debt management programme from another company had failed to solve his debt problems. He was paying his creditors £450 per month. Debts continued to increase despite maintaining payments under the debt management programme. We advised Mr X that a debt management programme was inappropriate for him and arranged an IVA. He is looking forward to being debt free after his IVA is completed.
£40,000 in debt
Mr and Mrs Z remortgaged their house in a vain effort to reduce their debts. This helped for a short time but more debts accumulated from credit cards, increased interest charges and late payment charges. We arranged a new remortgage that reduced monthly payments. We then arranged an IVA (individual voluntary arrangement). Mr and Mrs Z will be debt free in 5 years.
