Clients save over £585,000 thanks to IVA

In April of this year, a local married couple approached us as they had multiple business and personal debts that unfortunately had built up over an 8 year period. These debts ranged from low nominal amounts to larger amounts and had begun to have an adverse effect on the husband’s health.

As a result, we made it a priority to get them both in for a meeting straight away, as it was clear that this burden had went on for too long. During the meeting we began undertaking a full financial review of the debts, which totalled approximately £617,250. Due to the amount of debt and different creditors, we quickly realised that mediation was not an option and proposed going through a full & final lump-sum payment Individual Voluntary Arrangement.

Our clients were initially unsure about undertaking this strategy as they thought it was a route to eventual bankruptcy. This is a common misconception and after we explained to them that our team has a close working relationship with a local Insolvency Practitioners, they were on board.

As always, it was then on us to secure the best possible deal for our clients and thankfully a proposal of £29,000 to be split between all the creditors was accepted.

Our clients in this case were simply over the moon and we were for them as well, as they can now focus on their health. If you have mounting debts, get in touch with one of our team today on 028 92444555, it will be the best decision you ever made!

Creditor: Multiple creditors owed £617,250

Proposal: Full & Final Lump-sum IVA totaling £29,000

GDP Mediated Settlement: Creditors accepted £29,000 (4.69p in the £)

Settled: November 2019