How we helped find a light at the end of the tunnel
This client had been in a Debt Management Plan for a number of years following forced retirement due to health reasons. This had led to a position where his debts were no longer manageable due to a reduced income. Costs of living had steadily increased and his current payments were no longer manageable, so he wanted to look at alternative options.
A third-party organisation introduced him to French Duncan’s Restructuring & Debt Advisory (RADA) team, having already discussed with the client that an Individual Voluntary Arrangement would likely be his best way forward.
What we did
French Duncan’s team quickly got to know the client, in order to understand his current situation and his concerns for the future. With his agreement, we then drafted and carried out the statutory process to obtain IVA approval from his creditors.
We are always aware that this is a difficult and emotional process for our clients, so we endeavour to always get to know them, provide a professional service but also ensure they understand all the complexities, acronyms and legal elements. We also keep in touch throughout the process, in an effort to reduce any further anxiety.
“I am so relieved that the proposal has been accepted and that, finally, I can see the beginning of the end of my difficulties. I realise that I still have a way to go, but it will be much easier knowing that there is an end date in sight.
I would not be in this position were it not for your kind advice and support and I want to record my thanks to you and the IVA team at French Duncan, for all your efforts on my behalf.”
I.S., Bristol, UK