Typical Debt Management Case Studies
| £51,000 of Debt - But can't do an IVA | 
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| Debt: £51,000 | Was Paying: £1,165.00 per month | ||
| Now Paying: £287.00 per month | |||
| This client had nearly £165,000 equity in his home & unsecured debts of £51,000. His assets are more than his debts, but he can't pay 11 creditors from a monthly income of £1,180. An IVA is not possible as his creditors would never agreed to forgive any debt when he could repay them in full by selling his property. The client does not want to remortage as he has recently became self employed and does not want to risk his home if that does not grow as he has expected. A Debt Management Plan will never pay off his outstanding debts, but it will give our client some breathing spacefrom his creditors while he focuses on building his business without the fear or court action or losing his home. |
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| Remortgage is not an option for someone over the age of 65 |  |
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| Debt: £34,000 | Was Paying: £860.00 per month | ||
| Now Paying: £310.00 per month | |||
| Client has debts of £34,000 with 8 creditors. He is over 65 years old with £1,270 per month joint income from his own and wife's pension. He was paying out £819 per month. He owns his home, without a mortgage, valued at over £400,000. He was refused a secured loan due to insufficient disposable income. We have reduced his payment to £310, with a view to getting a secured loan or downsizing his home in the future. |
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| Divorce and New Baby make repayments nearly impossible |  |
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| Debt: £17,600 | Was Paying: £534.00 per month | ||
| Now Paying: £275.00 per month | |||
| Client had separated from her partner and was left holding the baby literally!. She was working from home when she could but this was not bringing in enough money to cover her debts. Due to the large changes in her circumstances coupled with the increase in expenses of being a single parent with a new born meant that her finances were not being met each month. She knows this can't continue and this is a realistic option for clearing her debts. A consolidation loan is not possible because she has nothing to secure it against and the debt is too large for an unsecured loan. |
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| Serious Illness leads to reduced income and unable to meet demands |  |
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| Debt: £24,300 | Was Paying: £790.00 per month | ||
| Now Paying: £210.00 per month | |||
| This client had difficulties when he became ill. After 3 months his wages were reduced to statutory sick pay. The strain of the illness and financial difficulty resulted in the Client and his partner separating, increasing his living expenditure. The Client continued to live on credit and fell further into debt. Now he has recovered from illness and is returning to work. His lengthy absence from work means an IVA is currently not possible. This is because creditors need to be confident IVAs payments can be made every month for 5 years. He is to continue with current repayments. |
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These are just a few of the cases we have taken on board at My-Debt.co.uk,
Why not give our specialist Debt Management Team a call today to see how we can help you?
Or alternatively why not apply online in our simple 4 step process.
Why not give our specialist Debt Management Team a call today to see how we can help you?
Or alternatively why not apply online in our simple 4 step process.
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