Ian's 2 divorces had hit his finance quite seriously. Unfortunately he could only see his children once every two weeks and when he did see them he took them to memorable and exciting places which were beyond his budget.

In so doing he ran up quite a substantial debt which caused him sleepless nights, and his stress levels to increase. He realised that if his spending had to go unchecked his debts would spiral out of control.

After taking stock of his finances, using a Statement of Affairs as a guide, he discovered that his level of debt was at an unmanageable level of £50,000. Ian had no assets and could only afford £400 a month. This made him an ideal candidate for an IVA. Fortunately the creditors accepted the IVA which meant that more than 50% of his debt was written off.

Ian would be debt free in 5 years.