Case Study 2

Mr Y has a total debt of £45,000. He accumulated this debt over 6 credit cards, a loan and a large overdraft with his bank.
He has a car on a Hire Purchase Agreement, which he uses to travel to and from work and he lives in rented accommodation.
Currently Mr Y is paying over £600 per month towards his creditors and is living within his overdraft from month to month.
Once again his debts are growing due to the interest accruing on the accounts because only minimum payments are being met on some of the accounts and payments are being missed.
Mr Y approached The Debt Angel who after doing a full financial review of his affairs, suggested that an IVA would be the best way forward. We managed to reduce his monthly payment to his creditors to £250 per month for the first two years until his HP agreement was complete, at which point his contributions would increase to £420 for the remaining 3 years.
The IVA has enabled Mr Y to get his life back on track. He has managed to keep his car and has given him the breathing space to repay his creditors at an affordable rate.
Mr Y paid £250 for the first two years and £420 for the remaining 3 years ofthe arrangement
- £21,120 in total. This meant that £23,880 of the debt was written off and he will be debt free within 60 months..

Case Study 1
Case Study 2