Case Studies

Step 1 Refund - Mr M took out a 15 year secured loan for £13,690 and unfortunately due to health issues he had missed payments on several occasions resulting in a default notice in 2006 for £27,857 including several charges for penalties and fines.

With repossession action a real worry a free audit of the account found amongst other things that there were undisclosed broker fees and incorrect agreements had been used.

The Lender agreed to remove the security and cancel any monies owing.

Step 1 Refund - Mr & Mrs M had a Mortgage that after 4 years was transferred to another lender. At this point they fell into some arrears and accused the lenders of making mistakes over the interest rates.

This went on for few years until a free audit was carried out resulting in a refund of £12,500.

Monthly repayment IVA - Mr & Mrs S were struggling to keep up repayments totaling £575pcm for £29,000 worth of debt on loans credit and store cards after Mr Smith was made redundant. He was fortunate to obtain a new job quickly but at a lower wage and it soon became clear they would not be able to maintain their contractual payments.

A detailed financial assessment showed that after all their essential expenditure had been deducted from their income they only had £255pcm available for debt repayment. They had spoken to their creditors and whilst some were being helpful and had accepted lower payments some were not and in some cases interest and charges were still being added increasing the debt.

Even with total cooperation from all their creditors in a informal Debt Management plan they calculated it could take nearly 10 years to clear their debts & even longer if all did not stop interest and charges and they wanted to avoid Bankruptcy.

They were accepted into an IVA with a monthly repayment of £255pcm and as long as they keep to the agreement the outstanding £13,700 will be written off leaving them debt free in 60 months or 5 years.

Summary - Total debt £29000 @ £575pcm reduced to £15,300 @ £255pcm

Lump sum IVA - Mr & Mrs F had debts of £90,000 spread across several credit cards loans and overdrafts. There financial circumstances had changed with a large reduction of income. An agreement was reached for a lump sum IVA from the proceeds of the sale of their property and the debts were cleared for a one off payment of £35,000 and the outstanding £55,000 was written off leaving them debt free in a few weeks.

Summary - Total Debt £90,000 reduced to £35,000 single payment

Repayment Plan Advice - Mr B contacted us with significant 6 digit debts but also with a large disposable income and whilst he was already in the process of consolidating some of his high monthly repayment debt into a loan he was going to be left with several credit and store card debts as well as a large overdraft.

After assessing the interest rates on these and assessing his finances we helped prepare a bespoke affordable repayment plan to clear these debts over 36 months.

Other monthly repayment IVA examples

0. Total Debt £17,500 @ £454pcm reduced to £12,240 @ £204pcm
0. Total Debt £23,500 @ £520pcm reduced to £14,040 @ £234pcm
0. Total Debt £37,535 @ £657pcm reduced to £18,260 @ £304pcm

If you are not sure what you could do next, need urgent help or just further case studies or references please telephone or email one of our friendly consultants in confidence today

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email: info@discreetdebtsolutions.co.uk

IVA - Debt Management - Debt Negotiation - Free Affordability Assessment for Loans Credit and Finance - Bankruptcy Petition - Bailiffs - CCJ's or County Court Judgements - Default Notice - Mortgage and Secured Loan arrears

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