IVA reduced credit card debt by more than 40%

Miss E, 27, had just found easy credit too attractive. She built up £76,000 of credit card debt and had no way to repay it. She could have gone bankrupt and her creditors would have got nothing (she had no assets). Instead she chose a ClearDebt IVA.

Her creditors will get back just over 60% of what they are owed, Miss E pays more than £600 less every month. True, an IVA means her credit record is less than perfect – but it’s nowhere near as black as it would have been had she done nothing – or opted for bankruptcy.

She might pay a little more, but there’s a good chance some lenders would even offer her a mortgage – even whilst she is in the IVA.

Individual Voluntary Arrangements (What is an IVA) aren’t always the easiest solution – but the easiest solutions are often more damaging to your financial future.

Calculate your monthly repayments in an IVA

Use our IVA calculator to find out what your monthly repayments could be in an IVA. Need to speak to an advisor? Call us today on  0800 019 2095.
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IVA reduced credit card debt by more than 40%

Updated on 2016-10-02T02:34:13+01:00, by Paul Gailey.

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