James, a department manager, and Julie, an accounts administrator are married. They have 2 grown-up children who have been through University and who have now left the family home which the couple jointly own.
James and Julie’s debt problems started years ago with a large amount of credit card debt which they cleared over the years through debt consolidation loans and equity they released from their property one year ago. Currently, they have equity left in their property of £4,500.
Julie has been on sick leave for 9 months and the loss of her wage into the home has led to an increasing debt problem. To save any embarrassment, Julie and James took out additional credit cards to make ends meet.
Unfortunately, the stress began to affect their marriage and they decided they had to face up to their debt problem. By this time they owed just under £100,000 to various creditors.
James contacted Invocas Financial who discussed their debt problems in a professional but caring manner. Invocas Financial explained the various debt solutions that were available to them and they both agreed the best way to tackle their debt was via an IVA debt solution.
The IVA debt solution was agreed and 11 weeks after contacting Invocas Financial, James signed the IVA agreement.
James and Julie now pay a monthly contribution of £600 and are looking to release further equity of £8,000 from their home. Under this debt solution they will contribute £37,000 to their creditors over the 5 years of the IVA, after which they will be debt-free.
Please note, IVAs are only available to residents of England, Wales & Northern Ireland.
If you think an IVA may help you and your finances, don’t put it and your finances, don't put it off any longer. Take the first step to turning your debt around. By answering a few questions, we will advise whether we can help you with a debt solution and arrange a time to contact you to talk through the options so we can tailor a solution to your individual circumstances.