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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

Budgeting Tips to Release you from Debt Problems

If you’re looking for the best advice on debt, here it is: you should learn how to save money and prepare a budget.

Even if advertisements everywhere are telling you to spend all your money today, you should develop a certain cushion in case there are surprising negative changes in your circumstances. For example, when you lose your job or fell deeply ill all of a sudden. Are you ready for these kinds of events? You better set your financial goals right now and learn how to discipline yourself to prevent a downward spiral of your finances.

Why will you Budget?

Budgeting can give you an accurate snapshot of your financial position. It can show you whether you are spending according to your priorities or not. In addition, it can also give you ideas where possible savings can come from.

Other reasons why you need to budget are as follows:

1. It will help your money go further. This means that creating a budget will not only ensure that you’re meeting your basic needs, but it would also take a step further to help you reduce your existing debts.

2. A budget will prevent you from spending too high during your impulse buying moments.

3. It can help reduce your stress levels.

When you know where your money is coming from and where it’s going, you will have a deeper peace of mind in knowing that you’re taking control of your finances. This advice on debt management will definitely change your circumstances for the better.

How will you Budget?

There are many styles of budgeting that finance consultants teach. To make it really simple, here are some basic tips for you to follow:

1. First, keep records of everything that you earn and spend on. For your annual income, make a conservative estimate divided by 12. Then, aside from your monthly expenses, also compute the cost of the bills that do not occur every month such as vet bills, car repairs, or holiday expenses.

2. If you deduct your expenses from your income and the result is a positive figure, then you have a budget surplus. However, if you have a negative figure, then you have a budget deficit.

3. When you find out that you have a budget deficit, you should take action steps right away to reduce your bad spending habits.

So start to scrutinize your budget for expenses that you can do without. Better yet, seek professional advice on debt issues to change the way you look at your finances. GP

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