Client A owned £143,630 in unsecured borrowing with 19 different creditors. Monthly contractual payments were £2,419.20. We arranged an IVA which results in the monthly payments being reduced to an affordable £725.70. At the end of the 5 years Client A will have repaid £43,542 and will have seen £100,080 of debt written off.
Client B owned £73,000 and had received threats of bankruptcy. His contractual payments were £1,700 per month. We managed to arrange an IVA which resulted in monthly payments of £622. After 5 years he will have written off £32,000 of debts. The monthly repayments were reviewed by looking at an income and expenditure report and calculating the disposable monthly income.
Client C owned a property valued at £170,000 and a mortgage of £89,000. They had unsecured borrowings of £53,000 and wanted to remortgage to consolidate the debts. The maximum loan to value on a remortgage available to the client was 75%, meaning they could only borrow £127,500 which was not sufficient to repay all their loans. We managed to agree a Full & Final settlement of £36,500 with the unsecured loan creditors enabling them to complete on the remortgage.
Client D approached us and disclosed that they had a repossession hearing in 6 days. They had already been declined a remortgage due to an adverse credit profile. We agreed to purchase their property from them and agreed to rent it back to them enabling the clients to remain living in the property. We further negotiated a Full & Final settlement on their unsecured debts enabling them to repay these loans with the additional funds they received from the sale.
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