Individual Voluntary Arrangements Case Study 5
IVA debt reduction
Individual Voluntary Arrangements Case Study 5:
Shareen and Faisal
We can enjoy life without the worry of debt shadowing our lives anymore
Shareen's story: I have been married for 16 years and have three children. Being Asian it was traditional to live with the in laws, which I had done for the first six/seven years. Through domestic difficulties and difference of opinion in bringing up the children, we moved house in 1996. We had no savings as it was all used when living with the in laws. We started our new life with HP/ loans to furnish the home from the kitchen appliances to bedroom furniture.
I worked part time and my husband worked shift work, until he was made redundant, at which stage payments were getting difficult to manage every month. So we decided to consolidate our HP/ loans to make it easier for us to have one easy payment. All was going OK for a while until our car broke down and it was going to cost more to repair than it was worth so we ended up getting another loan to buy a new car, I then fell pregnant and had a baby boy and as it’s traditional in my family to have a big Christening we had to pay for that, so we were back to square one.
When I heard on the radio about W3 Debt Solutions I rang the number and spoke to a member of staff who was really helpful and went through the basic procedure. The whole process was quick and within two months we had entered into an IVA and are now paying a reasonable amount each month without any difficulty in making the payments.
We found the staff at the office to be very helpful and they listened without judging us. I was very afraid and unsure about the legal aspect of the procedure. We sat down and read all the literature and spoke to the person at W3 who was looking after us. All our questions were answered and we felt at ease. I was treated like an individual; every time I rang up I spoke to the same member of staff, who I felt I was able to discuss any concerns without having to start from the beginning and feel embarrassed.
I now look back over the last six years of struggling and getting more into debt and wonder why I didn't come across W3 Debt Solutions sooner rather than later. I now can look into the future knowing that in five years time I will have completed my IVA and start to enjoy life without the worry of debt shadowing my life anymore.