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.