Businesses in cities in the north of England are struggling, new figures released by the Insolvency Service reveal.
The city with the highest business insolvency rate in the country is ...
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Sep
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Testimonials
Mrs H was left with substantial unsecured debts following a lengthy and costly divorce and although she was earning a good wage as a self-employed advertising sales executive, she was unable to service her debts due to the high rate of interest being applied. Facing bankruptcy, Mrs H was in danger of losing her home and her income stream as she would have been subject to an income payments order.
Mrs H was referred to Arkin & Co who, after having reviewed her financial circumstances, recommended that she propose an IVA to address her unsecured debts. Arkin & Co subsequently prepared a proposal on behalf of Mrs H which was approved by the requisite majority of her creditors. The proposal required Mrs H to make 60 monthly payments of £400 in full and final settlement of her debts. Interest was frozen and over 75% of her debts were written off.
The IVA has presented Mrs H with a final solution to her debts, her home is safe and her income stream remains intact. At the end of the 5-year term, Mrs H will be debt free.
Name
Business
Status
Mrs H
Advertising Sales Executive
Self-employed
Before
After
Position Prior to IVATotal Unsecured Debts: £78,132
Approximate Monthly Interest: £1,300
Monthly Repayments: £1,953.30
Position After IVATotal Unsecured Debts: £18,986
Monthly Interest: Nil
Monthly Repayment: £400 (for 60 months)
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