IVA case studies offer a great opportunity to analyse the circumstances surrounding the IVA case study itself, and enable us to assess the benefits the IVA has brought to the IVA applicants.
This IVA case study concerns Mr & Mrs G. from the South East of England.
Mr & Mrs G. have 2 children, aged 11 and 7, and they live in a 3 bedroom semi-detached house which they moved into 2 years ago.
They bought the house for £165,000 and they have a 90% Capital and Repayment mortgage on the property with £148,500 outstanding.
Problems set in when Mr G’s employers imposed an overtime ban, which drastically reduced his income, and even though Mrs G. increased her hours at work, there was still a shortfall in their finances.
As a result of the fall in income, the families unsecured borrowing rose very quickly and when Mr G. approached and contacted My IVA Adviser for help there was a total outstanding debt of £36,000 on credit cards and loans, costing £845 per month.
It was plain to see that the G. family had an insufficient disposable income to make ends meet of just under £300 per month, once the families normal living costs and Mr G.’s H.P. agreement for his car had been taken into account.
After considering all their options and determining that an IVA was the right way forward, Mr & Mrs G. asked My IVA Adviser to prepare their IVA proposal, and approached their creditors on their behalf.
After 6 weeks of preparation, Mr & Mrs G. successfully entered into their IVA with an IVA payment of £275 per month.
The IVA has protected the equity in the family house, Mr G. has been allowed to keep his car’s HP agreement, and even though there is the possibility they will be asked to re-mortgage their property before the end of their IVA, and that their IVA payment will rise once the HP agreement has finished, Mr G. says he’s able to sleep at night for the first time in years.
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