Examples of IVA

 

IVA  advice from Hamilton Associates

Hamilton Associates has been advising 1000’s of people every year on the best solution to become debt free.

 

At Hamilton Associates we only advice an Iva when fully assessing that iva is the best route to become debt free.

 

We want to make sure that you fully understand all the debt solutions available as not everyone is advised to take an iva especially if income is not guaranteed.

 

IVA after wage drop and debts rise

 

Mr C had a full time job and no debt, he never had a credit card or purchased from a catalogue until 2 Christmas’s ago he suffered a wage drop; his financial situation was never the same.

 

Desperate with Yuletide guild, Mr C got credit cards and bought from catalogues to ensure his 2 children had the Christmas they had always had.  Before he knew it his debt had spiralled out of control.

 

He contacted his creditors and they reduced some of his monthly payments.  He also tried to borrow money from the bank to consolidate his debts, but interest and other charges were still accruing and only worsened the problem.

 

That’s when he contacted Hamilton Associates and got our free, no obligation advice: after looking at all the debt solutions we advised an IVA would get him out of debt and stop interest and charges once the IVA had been approved.

 

For an IVA to work, however, the debtor must be confident they can keep up regular monthly payments agreed in the IVA.  Mr C was desperate and determined to pay back his creditors as much as he could.

 

We arranged for an IVA with a realistic monthly payment of £200.  His creditors will get 71p/£ over a 5 year period.  We also helped Mr C create a budget to ensure that the payments could be met throughout the IVA and beyond – reducing the chance of him getting is such situation again.   

 

For free help with your IVA please call us on 0800 010 6506 or email us at ivahelp@hamiltonassociates.org.uk