Dentist chooses an IVA

A debt solution may not be suitable in all circumstances. Fees may apply and will affect your credit rating

Mark was a self-employed Dental Practitioner, who had operated a successful practice for more than 20 years. However, a downturn in the economy saw the profitability of the business decline, and when an NHS surgery opened within close proximity, the position worsened. The pressure exacerbated pre-existing health conditions, and Mark found that he was unable to work.

In the absence of any earnings from self-employment, Mark was reliant on the income received from a personal medical insurance policy, and NHS pension.  He placed his residential property on the market for sale, although no acceptable offers were received.  

Although Mark had the benefit of an insurance policy, which was intended to cover business expenses in the event he was unable to work, the cover was insufficient.  As a result, Mark had no option but to meet ongoing trading expenses, including the cost of a locum practitioner.  He relied heavily on the use of personal credit facilities to meet these costs and his own personal living expenses.  

After struggling for approximately 18 months, Mark concluded that he had no option but to close the practice. He was left with a number of unpaid business liabilities and had accrued personal debt whilst attempting to keep the business afloat.  


Mark was referred to The Business Debt Advisor by a friend, who had previously used our services. We discussed all of the options available to him, and having considered the merits of each one, it was agreed that the best course of action would be for Mark to enter into an IVA.   

Mark was adamant that he wanted to repay as much as possible.  He offered creditors’ an initial lump sum (derived from the sale of business assets), together with additional funds following the sale of his residential property and a monthly contribution from his available income, for a period of 60 months.


The IVA was approved. However, after 24 months, Mark notified us of an unexpected change to his circumstances. He was no longer in a position to meet monthly contributions into the arrangement, and a sale of his property was likely to be delayed.

Mark offered a lump sum from a personal pension policy, in lieu of his existing obligations. The team at TBDA worked hard to secure approval to these revised proposals, which were accepted by creditors in full and final settlement.

Situation Before IVA & Approved Solution

Total Unsecured Debt: £86,259.91
Total Repaid: £55,106.63
Dividend Received by Creditors: (p/£) 71.13

Mark’s Comments

“I approached The Business Debt Advisor after they were recommended by a friend. I always found the service friendly and efficient. Beverley Budsworth and Laura Walshe exceeded my expectations. I was treated very well and would recommend them in the future.”

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