Bill Hayward, Sole Trader, London.

Bill runs a van delivery service, his debts of £20,000 were mainly caused by the costs of starting his business 2 years earlier. The business is now running very well, and if it weren't for the debts that he had built up, for which he was struggling to pay out £750 per month, his business would be running very profitably.

They arranged an IVA for Bill through a Licensed Insolvency Practitioner. His Creditors agreed an affordable payment of £225 per month. The affordable monthly amount was calculated after taking into account all household expenses. In Bill's case he had a mortgage, a wife and two children to support, plus he had a loan for the vehicles that were crucial for his business.