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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 to Recognize a Spouse Falling into Deep Debt

As a mature individual, you are expected to keep your finances under control. However, there are some people who simply cannot discipline themselves and make wise decisions about money.

So if you have a spouse falling into deep debt, advise him/her to be knowledgeable on the things that cause debt as well as watch out for signs of the debt trap.

Causes of Debt

According to a particular social policy team in the UK, average consumer debt stands at £15,000. The common cause is irresponsibility. These debt problems rise up when people experience some changes in their circumstances which makes them unable to pay for their monthly amortizations. These include divorce, bereavement, ill health, birth, or job loss.

Other causes of debt include the following:

1. No financial plans or budget
2. Failure to prioritize bill payments
3. Gambling or any other addiction
4. Wrong business decisions
5. Splurging during holidays such as birthdays and Christmas
6. Shopping or living above your means

Signs of Deep Debt

Overdraft bank charges or bounced cheques are the most common signs of debt. Advise your spouse to stop these things from happening right away to spare your family from more severe financial problems. In addition, here are some sure examples that deep debt is coming to your spouse’s life (as well as into yours):

1. When you see that he/she has one or two credit cards which are always near or over their credit limits.

2. There is a minimal balance in your savings account.

3. Your spouse is still making unnecessary purchases even if the latest credit card bill statement has not yet been paid.

4. Basic needs such as petrol and food are being paid through credit cards or personal loans.

5. Late payment fees are frequently fined, increasing the debt even more.

When you realize that your spouse is suffering from debt, advise him/her to confess to you the truth. Say that your only intention is to prevent future arguments and surprises over money.

Anyway, you’ve got the right to know about this financial situation because it will affect you too. Make sure that you ask if he/she has been refused credit already. It would also help if you will start to track all the bills and expenses from now on.

Another positive step is to visit debt management companies to ask for help. They can give you sound advice and practical tips to manage your debts. If you are a resident of UK, try to visit the Citizens Advice Bureau nearest you. GP

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