iva
debt debt uk
debt solutions
ivas debt solutions
iva info uk
IVA UK - Individual Voluntary Arrangement IVA UK debt advice
debt advice
debt help uk iva
debt wizard
Home Page IVA FAQ IVA Pro and Cons Who is IVA Squirrel Contact Us ivas
ivas
 
IVA Squirrel - Debt and IVA Advice from an IVA Expert
 
  IVA Case Study
  Marion and David were both working in full time jobs. Marion was a Travel Agent, and David worked as a Recruitment Consultant. Together, they brought back around £2500 per month. They saw credit facilities as useful ways of getting goods up front, and they never had any problems managing repayments.

They had a store card, two credit cards and a personal loan, which had been used to buy a car. In addition, they were making mortgage payments. But they never ran into any difficulties meeting these. They enjoyed a reasonable lifestyle – going out with friends, eating in restaurants, and at least two holidays a year.

Their financial difficulties began when they had their first child. Marion minimised her income gap by working until the last minute – she began her maternity leave only 2 weeks before her child was born. However, it was a complicated birth and Marion ended up spending several weeks recovering in hospital. Her income fell to statutory maternity pay.

This meant that the monthly household income was reduced by £600. In addition, David had to take time off work to look after her and the baby in hospital. To make matters worse, the day-to-day costs of petrol and parking in the hospital car-park put them under extra financial strain. David decided to supplement their income by using credit cards. He did not feel that there would be an issue with repayment as he believed that Marion would return to her full time job. The credit cards were merely a convenient way to see them through – a stop-gap measure.

However, due to complications with her health, Marion was only able to go back to work part-time. This meant that money was extremely tight, especially now that there were additional child minding costs and an extra mouth to feed. Things started to spiral out of control.
For the next 18 months, Marion and David tried to juggle their debts by taking consolidation loans.

However, every month they were forced to rob Peter to pay Paul and soon their monthly repayments increased to more than £900 – way more than they could ever possibly afford. Something had to be done to stop the situation from getting any worse. They began to fear that they were heading for bankruptcy – and Marion in particular felt that she couldn’t cope with losing the house.

With specialist advice from Thomas Charles & Co Ltd, Marion and David decided to undertake an IVA. Through this arrangement, they have agreed an affordable payment plan with their creditors. Their debts will be cleared in a few years, and they are able to keep their house.

The constant telephone calls and payment demand letters have stopped. Finally, they have been able to get their lives back on track. They were so pleased that they have since referred no less than four friends to Thomas Charles & Co Ltd to benefit from IVAs! As Marion put it, ‘once the IVA is complete we are going to save up and take a nice, long holiday – on our own money.’







 
 
     

 

 
Welcome to my site
I am an award winning debt consultant who has helped 100s of people get out of debt.

Click here to find out more about me

Julia

Action Bar
IVA Wizard
 

 
 
IVA advatages Write off up to 75% of debt
IVA advatages Government approved
 
IVA advatages Interest rates frozen
IVA advatages Protection from creditors
Find out if you can do an IVA:
  Total debt (not including mortgage) £
(number only)
 
  No. of Creditors (Companies you owe money to) £
(number only)
 
  Monthly Income (approx) £
( number only)
 
  Monthly Expenses (don't include debt repayments)
£
(number only)
 
  Own your own home?__ Yes No

 
This wizard will tell you whether the IVA is the right solution for you, what the monthly repayments would be and how much of your debt an IVA would write off. If an IVA isn't the right solution then the wizard will recommend 1 of 3 other possible options.
IVA Wizard
IVA help ForumThe IVA Forum: Top 30 Hot Topics
 
Active Topics on IVA Forum | IVA.co.uk
declined mobile O2 contract ... (by: whichwaynow)
HSBC most of the Debt (by: 2012)
Northern Rock Together Mortgage (by: MARK1882)
Bankruptcy or IVA Credit score which is worst!!! (by: andrewgoodman121)
can I have another account in IVA (by: Til)
Northern Rock, Repo shortfall, what happens next? (by: kallis3)
As a tenant on an IVA, Can I move House? (by: rachael81)
reviews (by: freelili)
Viki or Admin (by: Viki.W)
does one joint loan have to be included? (by: tryingtogethelp)
60 + 12 + equity release (by: bettyboop)
joint mortgage in individual IVA? (by: Viki.W)
HELP PLEASE! with BR funding query (by: TheDerbyRam)
council housing (by: look_divine)
There is a god! (by: kallis3)
Forum BrowseForum JoinForum Search


Free Debt Guides
FREE useful guides!
FREE IVA and Debt Guide FREE Credit Repair Guide
IVAIVA and Debt Guide
The guide explains the IVA process and how it compares to the other options.
IVACredit Repair Guide
The guide explains the credit file process and how you can make sure that it stays healthy in the long term.

Need some cheering up? Debt Guide
 
IVACommon Sense Fun Quiz
(Recommended!)
  FUN QUIZ
Debt Guide
 
IVAMoral Dilemma IVAPersonality Type
IVADalai Lama IVAHandwriting
IVASexual Type Fun Quiz IVADream House

IVA UK Helpline: 0800 197 4838 IVA UK Helpline: 0800 197 4838
IVA UK Helpline: 0800 197 4838