IVA Case Studies
Mr T from Beckenham had let his
spending on credit cards spiral out of control. In the end he was taking
funds from one credit card to pay all the monthly bills from the other
credit cards. His debt totalled £72,000 when he contacted IVAuk. Our
practitioner advised him that an IVA was the best solution and
negotiated a 17p in the pound settlement with his creditors. This meant
he wrote off a total of £59,760 from his debts.
Mr G was a high profile
promoter in the music industry. He owed debts to various credit cards
and personal loans which totalled £107,000. IVAuk's
practitioner put forward a settlement of a one off payment of
£15,000 which was funded by a third party. The offer was accepted by the
creditors and enabled Mr G to avoid bankruptcy and continue his
successful career in the music industry.
Mr L was involved in
property investment and development. A major contract went badly wrong
and he ended owing the banks £883,000. IVAuk's practitioner negotiated
with his creditors and settled the debts at 5p in the pound. Mr L
avoided certain bankruptcy and wrote off £838,850 of his debts.
Mrs P and Mr A were
partners in a business that encountered financial problems. Their total
debt was £282,000. IVAuk's practitioner organised an IVA for both
partners which was settled at 12.5p in the pound in respect of their
business debts. This equated to 25p in the pound in total paid to their
creditors. Mrs P and Mrs A avoided bankruptcy writing off £211,500 of
their debt continued trading and made a success of their business.