Case Study 1

Mr & Mrs X had £30,000 of unsecured borrowing consisting of credit cards and loans. Due to a reduction in Mrs X hours at work, their income did not cover the monthly repayments, which amounted to over £650. With the interest accruing every month on the amounts owed, the debts were growing month by month.
The couple approached The Debt Angel who conducted a full review of their financial affairs. It was agreed that the couple would put together proposals for an Individual Voluntary Agreement (IVA).
Mr & Mrs X could only afford to pay £320 per month, which was agreed by the creditors. This enabled the interest to be frozen on the accounts. With IVA in place Mr & Mrs X were able to cover the costs of the household again and get their lives back on track.
It was agreed that they would pay £320 per month over 60 months - £19,200 in total. This meant that £10,800 of the debt was written off and the couple will be debt free within 60 months.

Case Study 1
Case Study 2