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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.

Seek Expert Counseling to Escape from Debt

Often, the desire to have comfort and lifestyle tempts people to spend more than they can afford. What’s worse, they take out loans and spend the money without knowing where they would get the source of payment for it.

As a result of this, their debts pile up high. Then, when they can’t keep up with their monthly repayments, they borrow more and more money. This vicious cycle leads them to a downward spiral in their finances which could be a great source of tension for themselves and for their family.

If you relate to this situation and you want to escape from the clutches of debt, you need to consider talking to expert counselors and asking for their debt settlement advice. There is a two-way strategy used by debt counseling. One is called “defensive” and the other one is “preventive.”

Defensive Strategy

Defensive strategy focuses on helping you to solve your current debt problems. It applies to you if you have a considerably large debt burden and all you have to do is channel some of your monthly income towards the settlement of your debt.

Financial counselors will prepare a debt settlement advice and a plan of action that you can follow. This plan should be agreed by both parties – the debtor and the creditors.

If you apply this method, you will only be required to make one payment every month to a single lender. Some of the ways for you to do this include home equity loans, debt consolidation, and unsecured loans.

Preventive Strategy

Once you are able to get out of your existing debts, then it’s even more critical not to fall back into it again. That’s why you have to develop good habits that will ensure your future financial health. Here are some useful tips for you to consider:

1. Spend below your means. It does not mean that you can’t have a good time once in a while or deprive yourself of everything you want. This just means practicing delayed gratification.

2. Make sure that when you do something out of a whim, you have money to pay for it – money that you have on hand or in the bank, not money that will still be earned in the future.

3. Generate new sources of income. If you really can’t do without shopping and eating in fine restaurants, then you should just find new ways of getting money to support the kind of lifestyle you want.

But before you could enjoy a debt-free life, you have to seek debt settlement advice from debt counselors first. With all the wisdom that you will learn from them, it’s almost assured that you will never borrow money ever again. GP

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