IVA Examples

If you want to see a few examples of IVAs you can see below to give you an idea of what sort of situations people are in and how their IVAs are paid back. If you want to speak to someone about an IVA call our advisors now on 0800 043 5135 or fill in the Request Advice form to the right of the page and we will call you back.

 

Case 1: Mr K - Debt £24k

Mr K was no longer able to do overtime at work.  He had £24,000 of unsecured debts and could no longer afford the £380 that was expected of him each month.  He got in touch with IVA UK and we advised an IVA for him. After his IVA application was approved he entered into an IVA and his payments were reduced to just one payment of £250 per month.  He will be debt free in 60 months.

Case 2: Mr & Mrs A - Debt £40k

Mr & Mrs A are homeowners with 3 children struggling with £40,000 of unsecured debt.  They have only £120 left over each month after they meet their family’s living expenses.  Their expected monthly repayments are £513; however, they have £13,000 of releasable equity in their property.  IVA UK advised Mr & Mrs A to offer a one-off Lump Sum IVA.  They released £13,000 from their property and offer it as a one off lump sum IVA payment to their creditors.  They are totally debt free.

Case 3: Miss B - Debt £40k

Miss B is a single mother who works part time and receives tax credits.  6 months ago she was using credit to supplement her income.  She had debts of £17,000 and could not afford the £365 she needed each month to repay her debts.  She entered an IVA and now makes just one monthly payment of £200.  She is now stress free and can afford her living expenses with ease.  She says it is the best thing she has ever done.

Case 4: Mrs C - Debt £15k

Mrs C was recently widowed.  She and her husband had £15,000 of joint debts which became her sole responsibility after his death.  She was struggling to make the monthly repayments of £300 per month on just one wage.  She entered an IVA and now just makes one monthly repayment of £180.  She will be debt free within 5 years.

Case 5: Mrs D - Debt £25k

Mr D is a 22 year old single person living with his parents.  He acquired a personal loan and several credit cards totalling £25,000 while he was a student.  He recently obtained a full time job but his wages are not enough to meet his monthly repayments of £400 per month.  He recently entered an IVA and now makes just one monthly payment of £250 per month.  He will be totally debt free by the time he is 27 years old.