Debt Reduction

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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.

A Self-Help Programme to Pull You Out of Serious Debt

Many people in the UK today are in dire financial crisis either due to the current economic crunch or an unexpected change in life situation. These situations that can lead to a major financial setback are unemployment, sickness, divorce, death of the main breadwinner or plain financial mismanagement.

A bad debt can happen suddenly but may be difficult to get out of. However, you can gradually solve these problems with a viable and well executed debt reduction programme.

First, size up of your current financial situation. Sit down and make a list of all your creditors – credit cards, store cards, mortgage, personal loans, utility bills - and the corresponding amount you owe them plus interest rates.

Debt payment should be your priority. Decide which debt must be settled first. Most debt help advisers suggest paying off high interest debts first, and then settle the ones with smaller balances later. Pay more than the required minimum balance if you have the means. Paying more than the minimum monthly balance gets you out of debt faster and accumulates less interest.

An important step in debt reduction is to make a list of all your basic necessities like food, medicine, clothing, electricity, phone and other utilities. These are your essential expenses. Next, list down the all things you simply want to have (non-essential expenses) like digital devices, signature clothing, costly jewelry and holidays. Prioritise your essential expenses while putting the non-essentials on hold.

Save on petrol and car repairs by joining a car pool or taking public the transport whenever possible. Cutting down or totally eliminating your non-essential expenses will save you money to pay for your debts.

If you are employed, try to get a part-time job to supplement your present income. Do not procrastinate. Make a positive move at once. Inaction will only hold you in debt longer. If you want to be in control of your debt, be prepared to do some extra work. Your extra income will surely come in handy when making your regular payments.

Chart out a financial roadmap and stick to a workable budget. This step will not only flush out your non-essential expenses but it will also apportion some of your money for debt repayments and other exigencies.

Totally cut down on your credit card use. It will only lead you to get more debts. Cut up your plastics and keep only one for emergencies. Paying old debts with a new loan will only make your repayments more taxing.

Debt reduction is not that complicated but it does call for common sense and a bit of hard work. With positive action, your self-help programme will pull you out of your debt worries in no time at all. GP

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