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    CC Case Study No 1

    Uploaded by

    Mylene Santiago
    Mike left his job and started his own business, which was initially successful. However, the companies he contracted with to generate more income stopped paying on time, leaving him without a regular income as bills piled up. Even after changing his business strategy and becoming successful again, Mike was unable to repay credit commitments from his income. An insolvency practitioner arranged an affordable monthly repayment plan through an individual voluntary arrangement to provide flexibility during slow periods.

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    CC Case Study No 1

    Uploaded by

    Mylene Santiago
    1K views8 pages
    Mike left his job and started his own business, which was initially successful. However, the companies he contracted with to generate more income stopped paying on time, leaving him without a regular income as bills piled up. Even after changing his business strategy and becoming successful again, Mike was unable to repay credit commitments from his income. An insolvency practitioner arranged an affordable monthly repayment plan through an individual voluntary arrangement to provide flexibility during slow periods.

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    Mike left his job and started his own business, which was initially successful. However, the companies he contracted with to generate more income stopped paying on time, leaving him without a regular income as bills piled up. Even after changing his business strategy and becoming successful again, Mike was unable to repay credit commitments from his income. An insolvency practitioner arranged an affordable monthly repayment plan through an individual voluntary arrangement to provide flexibility during slow periods.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    1K views8 pages

    CC Case Study No 1

    Uploaded by

    Mylene Santiago
    Mike left his job and started his own business, which was initially successful. However, the companies he contracted with to generate more income stopped paying on time, leaving him without a regular income as bills piled up. Even after changing his business strategy and becoming successful again, Mike was unable to repay credit commitments from his income. An insolvency practitioner arranged an affordable monthly repayment plan through an individual voluntary arrangement to provide flexibility during slow periods.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

    CASE STUDY NO.

    1
    SAS ACTIVITY 6
    Mike: The
    Employee to
    Businessman
    Mike was in paid employment
    earning a good salary. In an effort to
    advance his career he changed jobs
    Mike: The but the company he went to work for
    Employee to never fulfilled its promises and he was
    Businessman eventually made redundant whilst he
    was on holiday.
    Although this was a very stressful
    time for Mike he decided to set up in
    business for himself, initially in sales.
    Mike: The His business is successful and earning
    Employee to very well. Thinking about having
    Businessman more sales, Mike opens his business
    for credit purchases. He contacted
    companies that he think will give
    more income.
    On the first 3 months of his
    partnership with different companies,
    Mike: The they are paying good, and the time
    Employee to comes that the companies whom he
    Businessman contracted did not pay on time and
    he found himself without a regular
    income with the bills piling up.
    Mike changed his business strategy
    and his business began prosper.
    Mike: The However, eventhough the business
    Employee to was now successful he was still
    Businessman unable to repay his credit
    commitment from the income he
    earned.
    PayPlan’s Insolvency Practitioners
    arranged a monthly repayment plan
    Mike: The by way of an IVA or individual
    Employee to voluntary arrangement. This allows
    Businessman him to make payments which he can
    afford and crucially, allows flexibility
    for quiet trading periods.
    Mike: The CASE STUDY NO. 1
    Employee to
    Businessman GROUPINGS

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