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Fill out our no obligation form today
and you could soon be seeing
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.

Making Your Debt List and Checking it Twice

Before you could ever start solving your huge debt, help yourself to organize your financial situation. Gather all information about your debt as much as you can. Make a list of all the banks, companies, financial institutions or individuals that you owe money to.

You will need to get the following data:

1. name, address, and contact numbers of your creditors
2. copy of all original loan agreements that you signed
3. the amount you owe
4. reference number or account number of each loan

It is also a good idea if you can keep the latest billing statement or letter from each of them so that you could easily refer to it every time you need to. For example, if you received any letters or court papers that seem urgent, acting on it quickly will not be a problem.

Get an experienced adviser right away if you’re not sure what to do next. Your Citizens Advice Bureau (CAB) can give you local advice personally or through e-mail.

Then once you have made a list and checked it thoroughly, you can now segregate them into two categories: priority and non-priority debts.

Priority Debts

You must think very carefully before you decide which debts are important to be addressed first. Seek debt help right away if these things are compromised:

1. rent or mortgage arrears – if you don’t settle this debt, you could lose a home
2. fuel arrears – non-payment will disconnect your fuel supply 3. 3. council tax arrears – the court might use bailiffs and take your goods if you have unpaid arrears
4. court fines – an example is magistrates’
court fines, which should be settled immediately
5. maintenance arrears payable to children or ex-partner – if you don’t continue your payment for this, you could be sent to prison
6. VAT or income tax arrears – non-payment could also send you to prison

There might be other debts that you need to pay based on your specific needs. For example, you are disabled and you need your car all the time to move around, then you could make your car payments as priority debt.

Non-priority Debts

On the other hand, if you don’t continuously pay non-priority debts, you will not be sent to prison. These include:

1. parking penalties issued to you by local authorities
2. money borrowed from family and friends
3. student loans
4. credit debts such as catalogues, credit card accounts, hire purchase, loans, and overdrafts
5. benefits overpayments

It doesn’t mean that you don’t need to seek debt help with these obligations. It just means that you have to prioritize the debts that you need to settle first. GP

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