Elizabeth’s separation from her partner in September 2015 left her with inadequate income to cover outgoings which included debt she had taken out to finance their life together. Her debts included a loan which her ex partner had taken out in her name without her consent or knowledge.
In addition to finding herself now single with debts which were not affordable, Elizabeth was also now a single parent to her 2 children aged 3 and 12 years. Her problems were exacerbated by knee injury and she had to take time off work which meant her income declined. She could not meet her household bills and had to rely on credit to get through each month.
Elizabeth contacted The Debt Advisor with debts totaling £16,333.17. A review of her income and outgoings, showed that she could only afford around £104 towards her debt payments which were costing her in excess of £490 per month.
Elizabeth was keen to avoid bankruptcy and decided to propose an IVA which offered monthly payments of £104.12 for a 5 year period which was accepted by her creditors.