For illustration purposes your debt could look like this:-
| Unsecured Loan(s): | £28,000 |
| Credit Card(s): | £4,000 |
| Total debt owed: | £42,000 |
| Current Total Monthly payment: | £900 |
With an IVA your monthly repayments could look like this:-
| Total Debt Owed (to repay): | £12,000 |
| Current Total Monthly payment: | £200 |
| Reducing outgoings by £700 per month and writing off £30,000 of debt |
For anyone who qualifies, an IVA is a way to clear your unsecured debts at an affordable amount each month with a guarantee that after a fixed time - usually 60 months* - any remaining unsecured debt will be written off.