IVA Case Study

Married couple, James, a department manager, and Julie, an accounts administrator were struggling with debt.

They have 2 grown-up children who have been through University and who have now left the family home which the couple jointly own.

James and Julie’s debt problems started years ago with a large amount of credit card debt which they cleared over the years through debt consolidation loans and equity they released from their property one year ago. Currently, they have equity left in their property of £4,500.

Julie has been on sick leave for 9 months and the loss of her wage into the home has led to an increasing debt problem. To save any embarrassment, Julie and James took out additional credit cards to make ends meet.

Unfortunately, the stress began to affect their marriage and they decided they had to face up to their debt problem. By this time they owed just under £100,000 to various creditors.

The Solution

James contacted us at Turn Debt Around and we discussed their debt problems in a professional but caring manner. We explained the various debt solutions that were available to them and they both agreed the best way to tackle their debt was via an IVA.

The IVA was agreed and 11 weeks after contacting us, James signed the IVA agreement.

James and Julie now pay a monthly contribution of £600 and are looking to release further equity of £8,000 from their home. Under this debt solution they will contribute £37,000 to their creditors over the 5 years of the IVA, after which they will be debt-free from the debts included in their IVA.

Are you in a similar situation?

Please note, IVAs are only available to residents of England, Wales & Northern Ireland, however there are similar solutions available in Scotland.

Complete our online enquiry form, and we will arrange a time to contact you to talk through the options.

Please visit our important information page for an overview of all debt solution fees.

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