IVAs can work in a variety of ways for a number of different personal financial situations. Here's a few examples of people we've helped in the past.

A 35 year old policeman with three children, living in rented accommodation

OWED £31,000 unsecured debt with interest accumulating,
WAS PAYING £1,100 per month minimum

After seeking help:

DEBT NEGOTIATED DOWN TO £15,600 and interest frozen
MONTHLY PAYMENTS DOWN TO £260 per month

DEBT FREE IN 60 MONTHS

A married couple, homeowners with mortgage of £75,000 on a property worth £100,000. Rejected when they applied for a re-mortgage to reduce their unsecured debts.

OWED £51,000 unsecured debt with interest accumulating
WERE PAYING £1,400 per month minimum on top of mortgage payments

After seeking help:

DEBT NEGOTIATED DOWN TO £26,600 and interest frozen
MONTHLY PAYMENTS DOWN TO £260 per month
RAISED £10,000 TO CLEAR DEBT from re-mortgage with reputable lender at good rate after 60 months

FREE OF UNSECURED DEBT IN 60 MONTHS

Married couple, homeowners with mortgage of £130,000 on a property worth £200,000. Didn't think they could re-mortgage.

OWED £110,000 unsecured debt with interest accumulating
WERE PAYING £1,567 per month minimum on top of mortgage payments

After seeking help:

DEBT NEGOTIATED DOWN TO £40,000 AND CLEARED IMMEDIATELY from a re-mortgage with a reputable lender

Mrs G successfully maintained the monthly repayments on credit cards and loans for the past 12 years. Mrs G and her partner moved to their new home in 2002 and credit was used to finance home improvements to their home.

Unfortunately the relationship ended and Mrs G was left with the bills. With the loss of her Partner's income Mrs G. realised she was unable to afford the monthly repayments of her credit cards and bank loans.

An Individual Voluntary Agreement (IVA) was proposed to her 9 creditors and they agreed to the proposal.

Instead of struggling to repay £723.45 each month, she is now paying an affordable £315. Creditors have agreed to write off the balance. All interest and charges have been frozen, and in just 60 months she will be debt free having repaid only £18,900 of the original £31,618 she owed.