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Case Studies

Just a few of the people our group has been able to help:-

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 financial analysis we worked out that David and Karen owed a total of £36,000 between them. Karen was currently only able to work part time due to the birth of their first child and this additional strain upon the family finances meant they were getting pressure from all their creditors. They were also in arrears with their mortgage. 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 £275 for a maximum period of 60 months. The threat of bankruptcy against David was also removed and he is now able to concentrate upon his business without the additional debt pressures.

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.

Ms Joanne S. (A tenant)

Joanne is a nurse 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 the additional 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 £450. She had already tried her own bank to reconsolidate these debts and they declined to help. Joanne approached us with £14,000 in unsecured debts owed to 3credit card companies as well as a bank loan and £1500 overdraft. Using the IVA legislation available to help people like Joanne, we were able to take up her case immediately. In less than six weeks Joanne had applied to enter into an Individual Voluntary Arrangement and the application was approved.

Her monthly payments were reduced to £140 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.

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Total unsecured debt : £4000


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