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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.

Find a Solution to your Debt Situation

When you find yourself trapped in debts that you cannot pay off, you will begin a painful and long journey to debt relief. It will not be an easy one. In fact, this is the reason why people avoid or delay finding a debt solution to fix their current situation.

Each of these solutions has its own advantages and disadvantages. Some of them even have certain requirements before you can be approved to use it.

Debt Management

One of them is called a debt management plan. It has the following requirements:

1. It can only be used when you realized that your personal finances have already changed, and now you do not have enough disposable income to settle the full loan amount.
2. It’s only applicable for loan balances lower than £15,000.
3. The debt management company will try to negotiate with your lenders to bring down your loan balance. However if majority of your lenders will refuse to cooperate, then it’s not possible to use this plan.

Debt Consolidation

If you have multiple debts with different interest rates, then taking a debt consolidation loan could be appropriate for you. This type of loan will merge all your debts into one whilst paying for a lower interest rate. Although this is not the best debt solution, you will find that a number of people are using this to be financially free.

Individual Voluntary Arrangement

Your debt advisor will usually consider an Individual Voluntary Arrangement (IVA) if you meet the following qualifications:

1. Your debts are above £15,000.
2. Your debts are unsecured such as store cards, credit cards, personal loans, etc.
3. You have more than three creditors.
4. You are in full-time employment.
5. You have more than £200 of disposable income after paying all your monthly expenditures.

You are very fortunate if you qualify for an IVA because there is a possibility that 75% of your total debt will be slashed off. If that happens, then most likely, you would be paying only 25 pence of a pound in a loan period of five years or less.

Bankruptcy

Since IVA is an option more viable than bankruptcy, being bankrupt should be your last resort. Bankruptcy has a lot of stigma and long-term negative implications to you and your family that includes putting your home in the hands of a trustee for three years.

So whatever debt solution you choose, you must seek the advice of professional counselors and debt experts. Some of them even give their advice for free. GP

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