Case studies
The best way to understand what we do is to read about some of the people we have already helped. All of the following case studies are real life examples – obviously we have made minor changes to details such as names to make sure that confidentiality is maintained.
- > The Carer
- > The Property Owners
- > The Accountant
- > The Company Director
- > The Police Officer
- > The self-employed Plumber
Mrs W
Mrs W had unsecured debts of £30,000 – these had built up because she was unable to work while caring for her partner after a kidney transplant operation. She had been forced to use credit cards to supplement her income.
On returning to work she found she was unable to keep up with minimum repayments on the debts, which had now become a real problem.
An IVA arranged by Tenon debt solutions meant that Mrs W significantly reduced her outgoings with one affordable monthly repayment. It also gave her the peace of mind that she would not lose her home. Creditors accepted her proposals which gave them a dividend of approximately 45 pence in the pound.
Mr & Mrs E
Mr & Mrs E found themselves facing bankruptcy – they were in arrears with their mortgage and unable to cover their monthly outgoings. They had used credit cards to supplement their income, but this had worsened the situation.
Fortunately they had some equity in their property. With the help of Tenon debt solutions they offered the equity from the property to creditors in full and final settlement of their debts. The sum gave creditors a dividend of 28 pence in the pound and meant that the couple avoided the stigma of bankruptcy.
Mr P
Mr P is an Accountant in London. He was struggling to keep up with repayments on debts of approximately £95,000, incurred during a failed partnership venture, and was facing possible bankruptcy.
Bankruptcy would have made it extremely difficult for Mr P to continue working, because of restrictions placed upon him by his regulatory body.
We took information provided by Mr P and drafted a proposal to his creditors, based on an affordable monthly payment. We offered creditors approximately 35 pence in the pound.
Mr P’s creditors accepted this proposal. He is on the way to resolving his debts and has been able to continue working in his profession.
Mr M
Mr M was a Company Director and sole shareholder of a small limited company. He had injected all of his savings into the business.
The company was not yet profitable enough to allow him to draw a salary big enough to meet minimum repayments on his credit cards and to pay all of his monthly outgoings.
Being declared bankrupt would have caused real problems, disqualifying him as a company director, so he wanted to avoid it if at all possible.
Tenon debt solutions helped Mr M propose an IVA to his creditors in which a family member contributed funds. The agreement resulted in full and final settlement of his liabilities, giving his creditors a dividend of 25 pence in the pound.
Mr & Mrs B
Mr B is a Police Officer. He had been funding the working capital of his partner’s business for three years by using credit cards.
After a lot of hard work, the business began to break even. The problem was that Mr and Mrs B were struggling to repay the debts incurred on credit cards and loans to fund the business. Outgoings were too high when their monthly household expenses were included.
Bankruptcy was looming, which would have been disastrous as Mr B would have lost his job as a police officer.
Information provided to Tenon debt solutions by Mr and Mrs B showed that the best solution was if they each proposed an IVA to be considered jointly. The proposals to creditors offered approximately 53 pence in the pound and were subsequently approved. Mr B's IVA allowed him to continue in his job.
An added benefit is that the IVAs provided enough debt forgiveness to allow Mrs B to continue to grow her business.
Mr S
Mr S is a self-employed Plumber who had accumulated tax arrears and was facing bankruptcy. His earnings were irregular as was his cash-flow, due to the nature of his work.
Tenon debt solutions helped Mr S propose an IVA to his creditors. This took into account the peaks and troughs in his earnings and provided creditors with a return of 29 pence in the pound.
We were able to achieve all of this by agreeing a low minimum contribution – one that was adjusted for earnings at the end of each year’s trading, after preparation of his accounts.