How To Get Debt Free

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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.

Becoming Debt Free: It’s Possible

With all the expenses and rising cost of commodities, a lot of people are asking: how to get debt free? As many would put it, this task may be challenging to tackle, but it is plausible. Today, there are now solutions to help the average UK consumer get on the right track to good credit, through debt management and settlement options. Did you know that on the average, each adult in the UK owes a total of £30,000 in debt? This is taking into account his credit card bills, auto loans, home equity loans, and much more.

Credit cards are said to be huge problems when it comes to managing finances, because a lot of people find it hard to settle all bills at once. This is especially true for a majority of Brits, whose wallets contain an average of four credit cards each. You can only imagine how huge their balances have become, because of late payments and high interest rates. Fortunately enough, the UK government has offered new solutions on how to get debt free, and this was following a Credit Card Summit in November 2008 as facilitated by the Business Secretary.

Based on these discussions, the UK government was able establish, along with major credit card companies in the country, new policies to help debtors with huge balances. Generally, it was agreed upon that there is a certain time period for cardholders to consult with a debts advisor to be able to finally take care of their credit card bills. At the same time, motions are being made to lower interest rates to make it easier on most credit card holders.

Aside from this government mandated solution to assist consumers with their debts, most financial advisors will also recommend the approach to debt consolidation. Some of the requirements here would involve a certain monthly salary range, a satisfactory credit rating, as well as a minimum amount of debts owed. Through this debt management option, you can pay off all your credit card bills by getting one huge loan. All you have to think about are the monthly payments and interest rates that you are to settle with your debt consolidation firm.

So, how to get debt free ? There are lots of ways to solve the problem, as long as you are ready to make huge adjustments with your budget and spending habits. Soon you will be glad to say that you are completely rid of your debts and free from worry. GP

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