Overcoming Debt Success Stories

We've helped thousands of people rid themselves of the curse of debt. Here are just a few of their stories.

• Case Study One
• Case Study Two
• Case Study Three

Case Study One

We owed nearly £70,000 on a variety of credit cards, one main loan and our bank overdraft. We never thought we could end up in a situation where we couldn't afford to keep up with repayments and have creditors chasing us constantly.

After we got the house redone a few years ago, we were always dipping into our overdraft and using credit cards and loans to tide us over. We always managed to keep on top of the monthly repayments but when John lost his job it meant I was the sole breadwinner in the family. I couldn't carry on trying to keep up with the children's needs, running the household as well as the monthly repayments no matter how much overtime I did.

We used to lie awake at night pretending to be asleep just wondering how long it could go on like this! One day we decided it couldn't carry on as it was and something had to be done. A friend had recommended Money Debt and Credit, so finally we plucked up the courage to give them a call.

The initial advisor we spoke to was so reassuring and understanding of our situation that immediately we knew we had made the right choice. He helped us evaluate our options and we decided the best step forward was to do an IVA. He sent out a pack for us that very day and booked an appointment for someone to come round and go through the pack with us and answer any questions we had. Within only a few weeks Money Debt and Credit had set up an IVA for us and even the creditors were off our backs. We knew we were finally going to be okay.

Case Study Two

As a new single mum I couldn't afford to provide for both my son and myself despite the endless cutbacks I had already made and the extra hours I had picked up at work. I couldn't take on a second job because there was no-one to look after my son. I began to charge everything to my credit cards and then as the number of creditors grew I took out a consolidation loan thinking it would help. I was wrong!

I started feeling depressed and alone, I felt like a failure as a mother and really needed some help but didn't want to admit I was in trouble. The creditors were sending me letters and constantly calling me, threatening to take me to court. I wanted to pay them the money but the problem was that I just couldn't afford to. I had about £32,000 unsecured debt and the last thing I wanted was to lose my home as this was the only security I had for my son.

I remember when I spoke to the advisor at Money Debt and Credit, I was so scared to tell her about my situation but she was very patient and kind. I felt better in just speaking to her and felt like a huge burden was being lifted off my shoulders. My repayments went from £650 per month to nearly half of that and it meant in the fourth year I could re-mortgage to help clear the debt. Money Debt and Credit have been great through the IVA so far. They were always there if I needed some help or had a question to ask. I don't feel like i'm being hounded down by my creditors anymore and I feel a lot better without all that extra stress.

My property was protected and my worst fear was relieved. I'm now in control of my finances and feel like I've been given another chance to do things the right way.

Case Study Three

After finishing university I never realized how much debt I was actually in (£28,000). Throughout my three years of university I had been offered so many credit cards with such low interest rates that I never even thought twice about not taking on more credit. Attending a university in Central London meant everything was quite expense. I had to pay for my university fee, accommodation, general living costs as well as all my books etc. The student loan I got covered a lot of the expenses but not all of them. When i moved back home i went straight into full time employment. I had a great job with a decent salary. Despite this I was constantly worried about money issues and had no idea how I could resolve them.

I had monthly repayments of nearly £600 per month but some months I couldn’t even keep up with the minimum payments. Everyone around me had noticed something was wrong, even my parents. I didn’t know how much longer I could carry on like this.

I remember seeing the Money Debt and Credit ad on television and something just clicked and made me want to text them. They called me back within five minutes and we went through my situation and my options. Having someone guide me through it just made it all seem so much simpler, like there was something that could finally be done. I really didn’t want my parents to find out and the advisor I spoke to was so helpful and assured confidentiality. I received the pack the next day and it was just a plain brown envelope. I scheduled a meeting with one of their field advisors to come and meet me in a local coffee shop to go through the ins and outs of the IVA pack which to be honest was so easy to fill in anyway. It was just nice to have someone there to ask questions and for them to be so reassuring.

I now pay considerably less than I was before and my situation has been dealt with very discreetly.The IVA was set up so quickly and easily that I can’t believe my financial worries are now under control. I have vowed to never take out credit again!  

 

*Please note that the above images are purely for illustration purposes