new iva debt solution
proven solution to clear your debts
If you have debts over £15,000 then an IVA may well be the right debt solution for you. Here is a Case Study of a person with such a debt and how it worked for them:
Barry's Story
"Looking back now, I can hardly believe how debt was ruining my life. I felt like a complete failure. I used to lie awake at night worrying about my £50,000 of unsecured debt.
Five years on and completely debt free, I feel like I've been given a second chance to make a fresh start."
How an IVA helped Barry
Barry had a huge amount of unsecured debt (credit and charge card bills plus a personal loan), no assets and could afford to make monthly payments of £440.
This made him an ideal candidate for an IVA based on 60 monthly payments.
His creditors agreed to set up an IVA with Barry which would allow him to make regular monthly payments, and in return they agreed to cancel 65% of his debt.
This meant that he only had to pay back £32,500 of his £50,000 debt.
A Monthly Payment Based IVA Might Help Solve Your Debt Problems Too
If, like Barry, you have unsecured debts of over £15,000; no assets and a monthly income, then a monthly payment based IVA may be the answer to your debt problems.
With a monthly payment IVA it is usual for a significant portion of your debt to be written off completely (sometimes as much as 80%) and after 60 months you are deemed to be debt free.
Note: Your chances of getting an IVA are higher if you have unsecured debts from at least 3 creditors. That is not to say if you have less than 3 creditors it won't be possible. (The IVA Creditors process is fairly staightforward and you should not be too worried about this first step.)It just gives the Insolvency Practitioner more leverage when it comes to negotiations on your behalf.