personal insolvency advice

These are typical examples of the 1,000s of people our Group is able to help each year.

Ms Joanne S. (A tenant)

Joanne is a Nursing Sister who has worked within the National Health Service for 15 years. She rang us in panic regarding the phone calls and arrears letters she was starting to get from her credit card companies. Joanne had recently split up from her partner and the loss of her partners income meant that she was now struggling to make ends meet. Like many of our clients Joanne had to use her credit cards more and more to sustain the rent on her home, travel to work and trying to meet her monthly minimum debt repayments of £850. She had already tried her own bank to reconsolidate these debts and they declined to help.

Joanne approached us with £34,000 in unsecured debts owed to 3 credit card companies as well as a bank loan and £1500 overdraft. Her minimum payments were £850 per month. Using the IVA legislation available to help people like Joanne we were able to take her case on immediately and undertake all creditor negotiations on her behalf. In six weeks Joanne had applied to enter into an Individual Voluntary Arrangement and the application was approved. Her monthly payments were reduced to £310 per month for a fixed period of 60 months only. Joanne has now got her finances back on track. She no longer receives stressful telephone calls or threatening letters; all interest and further charges have been stopped and she is well on the way to becoming debt free.

Mr David and Mrs Karen B (Joint Homeowners)

David and Karen have been married for four years. David is a self employed builder who approached us because he had received a Statutory Demand from one of his Trade suppliers for £4,000. The trade creditor was threatening bankruptcy and David could not afford to pay the debt immediately. David also owed £5000 to HM Revenue and Customs for an outstanding Income Tax Bill. Upon completion of a 10 minute financial analysis we worked out that David and Karen owed a total of £56,000 between them. Karen was currently only able to work part time due to the birth of their first child; this additional strain upon the family finances meant they were getting pressure from all their creditors. They were also in arrears with their mortgage, having already re-mortgaged once in an attempt to restructure their debts which had not worked.

We were able to help them obtain an Individual Voluntary Arrangement. The IVA has allowed them to legally consolidate all their debts into one affordable monthly payment, reduced from £1300 per month to £475 for a maximum period of 60 months. The application for bankruptcy against David was also removed and he is now able to concentrate upon his business without the additional debt pressures. The flexibility of an IVA means that they hope to be able to finish their IVA earlier than 60 months by re-mortgaging the family home, if equity becomes available in the future. Whether they pay the IVA for 60 months or re-mortgage to complete the IVA early, David and Karen are now able to fully enjoy their family life once more.

Anthony J (A tenant)

Anthony became divorced 18 months ago. He left the marital home and went to live in rented accommodation nearby. In trying to re establish his personal life he incurred significantly higher living costs as well as trying to make contributions towards the upkeep and wellbeing of his two children. By the time he contacted us Anthony had personal debts of more than £40,000 through loans and credit cards. He was contemplating bankruptcy but as he hoped to join the Police Service thought that this may not be his best option.

With our help and guidance he was able to enter into an Individual Voluntary arrangement. As he had no joint debts with his ex wife she was not involved in his debt restructure in any way whatsoever. His monthly debt repayments have now been reduced from £960 to £280 for a fixed period of 60 months and at the end of this period he will be completely legally debt free with his creditors agreeing to write off 75% of his original debts. He is now able to pursue his career and look after his children financially without getting deeper into debt each month.

Contact us now on 0800 043 50 43 or complete our enquiry form for an immediate opinion. It could save you a lot of time and money.

Urgent Enquiry Form

For free personal insolvency advice, without any obligation, complete our quick enquiry form. One of our professional advisors will contact you at a time convenient to you.

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