IVA case studies
IVA case studies offer a great opportunity to analyse a typical example of an IVA case, where someone has used an IVA to become debt free.
This IVA case study concerns Mr & Mrs G. from the South East of England.
Case Background
Mr & Mrs G. have 2 children, aged 11 and 7, and they live in a 3 bedroom semi-detached house which they moved into 5 years ago.
They bought the house for £365,000 with £318,500 still owed on the mortgage.
Their financial problems began when Mr G's employers imposed an overtime ban. This reduced his income dramatically and, even though Mrs G. increased her hours at work, there was still a shortfall in their budget.
Mr G. consolidated existing debt into a loan and used his credit cards to fund the shortfall in their budget, hoping that his income would be restored in the short term.
But from there, the G. family's debts rose very quickly.
By the time Mr G. approached IVAorg for help his debt level was £46,000, costing £945 per month.
The IVA application
It was plain to see why Mr & Mrs G. had been struggling.
When we analysed their household budget we established that they only had a £150 surplus each month, which was why they had been struggling to pay £945 their creditors expected.
We discussed all their available debt solutions carefully and, after taking time to consider their position, they decided that proposing an IVA was the right option.
Their agreement
After only 5 weeks from their first call, Mr & Mrs G. successfully entered into their IVA with an IVA payment of £150 per month.
Now that the IVA is in place, the equity in their home is protected and the family have their lives back without the stress and anxiety of a debt they simply couldn't affford.
Getting Professional Advice
Can you relate to this IVA case study?
Thousands of people living in the UK are struggling to make ends meet and would potentially benefit from taking action against their debt problem.
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