Case Study – Diane

Written by PayPlan on 15 March 2018

Diane (39) reached out to PayPlan for debt help in 2014. Between herself and her husband they found themselves with £45,000 worth of debt.

Diane and her partner were applying for adoption. During the process it was explained to them that they wouldn’t be accepted as adoptive parents unless they were clear of problem debts.

A friend recommended they contact PayPlan. Diane and her husband weren’t really aware of how much their debt was growing and hadn’t yet received letters from creditors or any bailiff threats.

After contacting PayPlan and going through her and her husband’s personal and financial situation, Diane was advised that the best option for her was an Individual Voluntary Arrangement (IVA).

In the event of a joint debt, if one partner enters an IVA, the other partner will become liable to repay the full debt, as both parties are joint and severally liable for the debt until it is paid in full. She was happy to proceed.

Two year’s into her plan, Diane’s partner had an accident at work and was not fit to work for 5 months. This meant they were unable to meet their agreed regular monthly payments into the IVA.

Diane contacted PayPlan to explain the situation and we were able to negotiate with her creditors on her behalf and, with her creditors support, payments were frozen for 6 months to allow Diane’s partner to recover.

She said: ‘PayPlan were so helpful, and sorted everything out for us! We really needed some time and that’s what they managed to get us.’

However, soon after they started repaying their IVA monthly payments, Diane’s partner suffered with sciatica and had to have another few months off work.

Contacting PayPlan again, we helped them to freeze payments for another few months, which gave them the time they needed to have enough income coming in to meet their payments.

We understand that circumstances change, and we will always do our best to ensure you are well-equipped to manage your plan.

The way things are going at the minute, Diane and her husband will be debt free in February 2021.

Diane said: ‘I’m happy where I am. I don’t feel so stressed about anything. In the future, I know by not having that debt that we can live happily.’

We wish Diane and her husband all the best in their plan.

PayPlan can help if you have money worries. We offer free, no obligation debt advice to anyone who wants it. Contact one of our trained advisers today on 0800 716 239 or visit www.payplan.com.

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This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

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