An IVA is a Debt Solution That Cuts Debt Down

Let’s use an example to show how an IVA reduces one’s debt. This is a real world example we will use as illustration for how an IVA can help an individual:
A 60 year old woman whom we’ll call Mrs. Grace is supporting her husband who is ill. She has been their only income earner for over 20 years. When she got her IVA in late May, she slashed her monthly payments on her debt by over 60%.
Initially she had taken out a personal loan in an effort to make ends meet. Since she found getting credit to be very easy, she soon had a £53,000 debt on a bank loan, nearly a dozen credit cards, three store cards and her council tax. Once her IVA was approved, her interest was frozen and her Insolvency Practitioner convinced her creditors to accept £350 a month for 60 months. The creditors wrote off £32,000 of her debt, reducing her monthly payment by over £600.
This is only one example of the kind of financial relief an IVA can provide.

Let’s use an example to show how an IVA reduces one’s debt. This is a real world example we will use as illustration for how an IVA can help an individual:

A 60 year old woman whom we’ll call Mrs. Grace is supporting her husband who is ill. She has been their only income earner for over 20 years. When she got her IVA in late May, she slashed her monthly payments on her debt by over 60%.

Initially she had taken out a personal loan in an effort to make ends meet. Since she found getting credit to be very easy, she soon had a £53,000 debt on a bank loan, nearly a dozen credit cards, three store cards and her council tax. Once her IVA was approved, her interest was frozen and her Insolvency Practitioner convinced her creditors to accept £350 a month for 60 months. The creditors wrote off £32,000 of her debt, reducing her monthly payment by over £600.

This is only one example of the kind of financial relief an IVA can provide.

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