Debt Problems Help

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No more embarassing phone calls
Protection from your creditors
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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.

How to Work Out a Monthly Budget

When you have debt, the most common reaction you do is to ignore phone calls or letters from your creditors. This is a big mistake. Instead, you’ve got to get in touch with them more and let them know the reason why you have fallen deep into debt in the first place.

For serious debt problems, help should be sought immediately. You can discuss your situation with professional debt experts or your local CAB (Citizens Advice Bureau).

And when your creditors are already threatening you that they will take court action against you (or they have started one already), tell them that you need some time to sort your finances. You can request for a two or three-week debt holiday to work out your monthly budget.

A budget is a financial tool you can use to find out the specific reasons why you are in debt. You can list all the income and expenses of the entire household. This time, you’ve got to be very honest to make sure that the figures will be realistic.

Income Column

Under the income column, you may include the following:

1. Salaries and wages – these are the regular or fixed earnings that you get. You could include the net earnings of your spouse or partner as well.
2. Benefits paid to you – these could include tax credits or child benefit payments
3. Maintenance from your ex-partner (either for you or for your children)
4. Contributions from members of the family

So aside from thinking about your debt problems, help yourself to make more income too. This will surely go a long way in achieving your financial freedom.

Expense Column

Write every single expense that you have. These may include:

1. Housing costs – these could include rent or mortgage
2. Housekeeping – expenses on food (include pet food), toiletries, meals at work or school dinners, cigarettes, cleaning materials, children’s pocket money, and sweets
3. Council tax
4. Telephone charges
5. Water and fuel charges
6. Insurance Costs
7. TV license or rental costs
8. Clothes
9. Childcare costs
10. Travel expenses – you could include petrol, public transport fare, road tax, and maintenance
11. Money set aside for emergencies or unexpected events – these could be for replacement of some essential household items in case it breaks down
12. Other essential expenses such as dental and medical expense.

After adding up all your expenses and deducting it from your income, check if you still have some money left to pay for your debts. Remember that in spite of all your debt problems, help will be available to you if you show them your finances properly. GP

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