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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.

Not All Debt Solutions Are Tailor-Made for Everyone

If you are up to your eyeballs in debt, you may very well be in good company. By the middle of 2008, around 25,000 people declared bankruptcy in England and Wales alone. However, there are numerous debt financial services you can run to for help.

Most people fail to pay their priority bills like mortgages because their credit cards, personal loans and other non-priority bills eat up a lot out of their monthly earnings. If you fall into this category, you may choose from a wide variety of debt solutions ranging from debt consolidation loans to Individual Voluntary Arrangements (IVA’s).

By assisting you in reorganising your non-priority payments, the various debt solutions can generate the money you need for your priority payments. The first major step is to start seeking the advice of a debt management professional who can help you choose the right debt solution for you. A debt consolidation loan is one of the good options to start with because it can really be beneficial for people with multiple debts. Debt consolidation loans are big enough to pay off all your high-interest debts and you will have just one repayment to make each month instead of many. This can help you tremendously in managing your finances as well as reducing your debt’s interest rate.

A debt consolidation loan is the best debt financial services for you to cut down your monthly payments. You can make an arrangement to repay the debt consolidation loan in a much slower pace than your original debts, although you can end up paying more in the end.

To some people, debt consolidation isn't always the best option. They prefer to take another alternative debt solution such as Individual Voluntary Arrangements or IVA’s. For individuals with substantial debts of £15,000 and above, an IVA could be a great alternative in bringing down their monthly payments, using freed-up cash for mortgage payments and canceling a good amount off their debt.

The borrower agrees to make fixed payments on a regular basis throughout the duration of the IVA, usually within 5 years. If all the lenders agree to the terms, they will cancel any outstanding debt of the borrower. They will also agree to waive any current legal action, as long as the borrower makes payments on time.

Not every debt solution is tailor-made for everyone. If you are struggling with debt, it is important to approach a professional debt adviser who has knowledge of all the available debt financial services and can help you decide in picking the right one. GP

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