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a brighter future too.

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.

It’s very Possible to Clear Your Debt

There are a lot of credit counseling companies today that are offering clear debt programs or debt management plans. Although this is a good way for you to start recovering from serious debt, you must bear in mind that these types of programs do not entirely provide the solution to total debt elimination.

Keep Track of Your Debts

Generally, only unsecured debts like personal loans and credit card debs are incorporated in these programs. If you’ve got secured loans like car loans and mortgages, then you should know that these can never be included in debt management plans. Therefore, you must keep a record of these creditors and still make sure that you’re setting aside money each month to pay for these things on top of your program.

When you are involved in a clear debt program, you will only pay a single amount each month. The program is designed to pay all your creditors by dividing that amount to satisfy all of them. But even though you are not required to be involved in this process, you must still check and make sure that they are paid on time every month. Check the billing cycle and confirm with your creditors monthly if they were paid. Otherwise, you may still be charged with late payment fees. If there are problems, you have to talk to your debt manager about it.

Check your Credit Report

In addition, you should also check your credit report from time to time. If your monthly payments are paid on time, you will definitely find an improvement of your credit report. This will determine if you are really on the road to improvement when it comes to your financial health.

Now that you are already fixing your finances, you must avoid additional borrowings. If your creditors see that you are still adding new debts, then they might stop giving you incentives to erase your debts, or worse, they might back out of your debt management plan.

If you desperately need a car loan or a mortgage, you must seek help from debt counselors. They can give you professional advice on what you need to do next. They can guide and mentor you towards a debt free life. But at the end of it all, you are the one responsible for the next action steps that you think is appropriate for you.

It’s not that easy to clear debt , but it can be done. All you need is some due diligence and a lot of self discipline. GP

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