Case Study of an IVA for a Couple with Credit Card Debt Problems.

Name - Mr & Mrs P.
Age - 31 / 48
Marital Status - Married
Location - Essex
Occupation - Pipefitter / Sales Assistant
Total Unsecured Debt - £40,536
Previous Monthly Repayments - £1353.73
Background Problems - Setting up home together following divorce. Using credit to supplement income. Using credit to pay credit.

Mr & Mrs P have been married for 3 years. Mrs P. was previously married and has 2 children from that relationship. She used a small settlement from the divorce to set up home.

Since their marriage 3 years ago they have always struggled to manage their finances and have used credit as a means of supplementing their income. In an attempt to reorganise their debt they took out a consolidation loan to clear their credit cards and help solve their debt problems. However they continued to use their credit cards and had to consolidate further. Additional attempts to bring their financial problems under control by refinancing, restructuring loans or using top up loans only exacerbated the situation and they found they no longer had enough money for basic expenditure, such as food, clothes, council tax etc.

Mrs P. began to suffer anxiety and panic attacks due to their stressful state of affairs and unable to find any solutions themselves, they decided to seek professional advice.

Mr & Mrs P. approached ACCUMA whose experienced staff guided them through their options. An Individual Voluntary Arrangement (I.V.A.) was proposed to their 18 creditors and was successfully approved.

They no longer struggle to pay £1353.73 each month to repay their debt and in just 60 months they will be debt free having repaid £22,710 of the £40,536.

“Accuma has made a vast difference to our standard of living. The service we received from Accuma was brilliant, they were easy to talk to and very helpful”