Individual Voluntary Arrangements Case Study 2
IVA debt reduction
Individual Voluntary Arrangements Case Study 2:
Roger and Elaine
Together W3 Debt Solutions and Roger and Elaine were successful in getting the creditor to stop all contact and to write off a portion of the debt.
Roger is a prison officer and Elaine is a full time teacher. They have 2 grown up children both of whom recently married and left home. Roger and Elaine's debt problems started many years ago. Debts were incurred to credit card companies and when the credit card balances became difficult to repay consolidation loans were obtained.
However the consolidation loans did not solve the underlying problems and further credit card debts were accrued. Roger and Elaine were embarrassed about their financial position and tried unsuccessfully to manage their credit card debts by continuing to obtain consolidation loans, not even being aware of a Individual Voluntary Arrangement at this stage.
Eventually the stress of managing the finances affected their health and their marriage. By this time Roger and Elaine owed more than £100,000 to various loan companies and credit card companies. Roger was diagnosed by his GP as suffering from depression and Elaine although refusing to consult her doctor was suffering similar symptoms to Roger. The marriage was on the verge of breaking down, unless they could get a reduction in their debt.
When Roger and Elaine finally confronted the problem and sought advice from W3 Debt Solutions the solution of an Individual Voluntary Arrangement presented an ideal method of credit card debt reduction and avoiding bankruptcy. Now Roger and Elaine are paying a single affordable monthly payment and are well on the way to being completely clear of debts.