Case Studies

Examples of recent cases...

The example case studies are typical circumstances that our clients face. They are intended to reflect typical stuations, but not specific cases.

 

Case Study 1

Mr J had £18,000 of unsecured debt. He was unable to make the payments because he had recently split from his long term partner and was now having to pay the rent in his new flat and support his children and ex partner.

The added burden from the stress of the family split meant that he was now behind with payments to his credit cards and personal loan, with no real prospect of being in a financial position to rectify the sitaution in the near future.

We were able to assist Mr Jones in making an IVA proposal to his creditors. Mr Jones will pay £250 per month for 60 months, which will ulimately result in Mr Jones being completely free of his unsecured debts.

  • Summary
    Total Debts: £20,000
    Monthly payment: £250
    Period of IVA: 60 months
    Result: Debt free

 

Case Study 2

Miss A had accumulated £60,000 of unsecured debts. She had progressed in her career and was enjoying her lifestyle. The firm for which she worked merged with one of its competitors and the total workforce was downsized. Miss A was made redundant and received a payment of £9,000.

After 3 months Miss A found that she had only £4,000 of her redundancy payment left and had not found new employment. Miss A had continued to make payments to all her credit cards and loans but it was clear that she was technically insolvent and would not be able to sustain the payments indefinitely. Miss A accepted a new job at a considerable reduced salary.

We assisted Miss A in proposing an IVA to her creditors that utlised the balance of her redundancy with an additional, affordable monthly payment of £290 for 60 months. Miss A is now well on the way to being debt free.

  • Summary
    Total Debts: £60,000
    One off Payment: £4,000
    Monthly payment: £290
    Period of IVA: 60 months
    Result: Debt free

 

Case Study 3

Mr B traded as a self employed carpenter. He had worked hard all his life but had recently seen an adverse turnaround in his business. The market in which he worked had declined, and furthermore, he had not been paid on a major contract he had undertaken because the firm for which he worked had gone into liquidation.

We helped Mr B with an IVA proposal to his creditors offering to pay £250 per month for 60 months. Mr B is well on his way to becoming debt free.

  • Summary
    Total Debts: £35,000
    Monthly payment: £250
    Period of IVA: 60 months
    Result Debt free

 

Case Study 4

Mrs C is living at home with her children. She split with her husband who is now living apart from her but pays her mortgage and maintenance. She has debts of £25,000. She owns her property, which is worth £149,000. Her mortgage is £115,000. She is able to remortgage for 85% of the market value of her property and has offered to pay £12,000 as a one off payment to her creditors, being the equity she can release from her property.

She has now secured her property and the IVA was completed within 7 months of being accepted by her creditors.

  • Summary
    Total Debts: £25,000
    Number Of Creditors: 12
    One off Payment: £12,000
    Monthly payment: None
    Period of IVA: 12 months
    Result: Debt free

 

Please contact us for more case studies.