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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.

How and When to Seek a Professional Debt Adviser

Downsizing has caused thousands of British workers to lose their jobs in the face of the present economic crunch. Whether they are receiving low salaries or getting fired from their jobs, many people are being aware of the grim fact that they can no longer sustain their debt repayments. When their meager income fails to cover all the expenses, they have to look for ways of elevating their income level or cutting down their monthly outgoings.

A good credit debt advice is to seek immediately the numerous debt help agencies that are available specifically for debt-laden individuals. These agencies offer relief from debt through debt consolidation loans, Individual Voluntary Arrangements (IVA’s), debt management plans, trust deeds, or debt consolidation loans.

With the various types of debt help that are available today, it can be oftentimes confusing what they offer and who they are applicable with. If you are one among the millions suffering from the debt crunch in the UK today, the first thing you must do without delay is seek the best debt relief plan from debt management agencies that can explain to you the numerous available options. This will help you choose the right debt repayment plan for you.

For most people, the most sound credit debt advice to take is debt management. This option offers the renegotiation of the terms of repayment of unsecured debts and will try to fit the applicant’s monthly outgoings within the scope of their income.

Debt management comes in two basic forms – applicants can either manage the debt themselves or have a debt management agency to do all the work for them. If a negotiation is reached, the lenders may agree to take lower repayments each month, forego charges and suspend the interest. It goes without saying that making lower payments equates to a longer period of time to pay off one’s debt, but it is a very practical method of making debtors take control of their finances until they are nursed back to their financial health.

People with fairly large debts like ?15,000 or more will want to look into an IVA wherein lenders agree to cancel a portion of the debt if the applicant can pay back the remaining amount within a pre-determined period of time, usually around five years. In contrast with debt management, an IVA is a legal contract where both the borrower and the creditor/s are bound to live up to their commitment.

If their debts are insubstantial, most people won’t require any debt solution at all. In the event their income falls, most people find they can still manage their debts with the proper credit debt advice . The most important step is to talk to a professional and trusted debt consultant. GP

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