Ms L knows it only too well as her debts spiralled after her marriage broke up. Her husband said he would contribute towards accommodation and maintenance for their son aged 7. However he never kept his side of the agreement. Ms L is unemployed and has to claim benefits which mean her debts just spiralled.

She contacted her bank to get a loan in the hope of clearing her existing debts but this made matters even worse. When Ms L contacted us she owed over £46k, Ms L explained that she had some shares and that her friend would give her some money to help. We proposed a lump sum IVA, which was accepted so the creditors received a once and for all final payment. However, Ms L now needs to budget carefully to ensure she stays in the black.