Mr B came to us with debts of £116,000. His debt had built up when a relationship failed and he’d taken loans to buy his partner’s interest in the home they had shared. Now he’s got a ClearDebt IVA and will only need to repay half of what he owed.

His mother became terminally ill as well – and supporting her involved more expense for Mr B. He wound up taking out more credit to pay the original debts: When he came to ClearDebt he needed to make payments of roughly £2,300 per month on pay of just over £2,000. We’ve got his creditors to agree to a payment of £300 per month.

He will, however need to put money from an inheritance into his IVA and will need to re-mortgage to release equity right at the end of the arrangement. But, he can afford the payments now, and he only needs, in total, to repay half of what he owes. Without our IVA, he’d have been made bankrupt – and lost his home for certain.