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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.

Discipline Yourself to Get Out of Credit Card Debts

Most of the time, you will find yourself spending more than you can pay, especially if you have multiple credit cards with you. This would be very easy. You can naturally lose track of the outstanding balance on each of them, as well the monthly due dates when you need to settle the bills.

Credit cards debt need not be stressful and out of control. All you need to do is relax and follow a few tips on how you can manage your repayments successfully.

Evaluate your Cards

The first step is to list your existing credit cards in order of interest rates. This means that the highest rate should be on top of the list, followed by the next higher rate, and so on.

Next, find out how much is the minimum payment percentage on each card and add them all. Also, make sure that you check how much you can afford to pay each month. Create a budget of your income and expenses and find out ways on how you can come up with more money to reduce your debt.

Then, make every effort to pay the minimum balances of all cards except for the one which has the highest rate. With this card, you need to pay more than the minimum. This will be the start of your debt consolidation efforts in paying off your credit cards’ debt.

Take Proper Action

Keep on paying the credit card with the highest interest rate – this card should be closed first to avoid incurring more interest costs. You can also try to negotiate with your creditor and request for a lower rate. In doing this, you can get out of debt faster.

You may even transfer your existing balance to another credit card with zero interest rate. Just make sure that you read all terms and conditions in the fine print to find out how long this promotional offer will last.

Financial experts advise that you use your savings to pay off all your debts first. So instead of earning 5% interest rate per year (for example), just use your money to pay off 25% yearly interest rate on your credit card. This way, it would be very easy for you to save at least 20% of interest payments every year. Come to think of it, this really makes sense.

Last but not least, make a promise to yourself from now on that you will only charge emergency expenses to your credit cards. Debt will be reduced much faster if you stick to this promise and do your best to save more money. GP

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