Personal debt help in the North West & Yorkshire

Success Stories

Here are some examples of how we have been able to help our clients through their debt problems. For purposes of client confidentiality we have changed their names.

Mr Jones first contacted our office via our website. He was in a state of panic having received a call from a debt collector who had been instructed to recover an outstanding debt.

We met Mr Jones within 24 hours, and following a review of his affairs it was clear that it would be beneficial for Mr Jones to propose an Individual Voluntary Arrangement.

Mr Jones had accrued debts comprising of loans and credit cards in the sum of £155,000 and whilst his income was insufficient to service the minimum payments we felt he would be able to offer his creditors 40p in the pound over four years.

We prepared Proposals for an IVA, circulated them to his creditors and the creditors agreed to the proposals. Mr Jones is currently depositing with this office £1,560 per month for a 48 month period in full settlement of his debts.

Creditor pressure has been removed and Mr Jones is once again happy to open his post in the morning and able to move on with family life.

Miss Talbot works in an office as a secretary. Over a 5 year period she had accrued debts of nearly £20,000 through credit card purchases and holidays. Her income after tax was £1000 per month and when she contacted us, she was suffering from depression and anxiety as she was unable to meet the minimum payments on her debts.

We met with Miss Talbot and carried out a detailed review of her monthly expenditure which showed that she could realistically pay £250 per month towards her debts. On this basis, we put together proposals for a 4 year Individual Voluntary Arrangement which were subsequently approved by her creditors.

Miss Talbot continues to pay into the arrangement and is free from the pressure she was under when she first met with us.

When Mr & Mrs Stubbs contacted us, they had been married for just 1 year. In that year, they had bought a house together and had accrued joint loans and credit card debts of around £15,000. They contacted us in panic, as they could no longer meet the minimum payment on their debts and were fearful that they would lose their house if one their creditors took action against them.

We met with Mr & Mrs Stubbs at their home and established which of their debts were in joint names and which were held individually. We also looked at a recent mortgage statement and discovered that the couple had no equity in their house.

Within 48 hours of this meeting, we put together proposals for two Individual Voluntary Arrangements in respect of both Mr & Mrs Stubbs that would run side by side. This proposal was structured to enable the couple to keep their house and repay their creditors around 60% of the total debt owed by them, over a period of 4 years.

The proposals were subsequently approved by creditors, and Mr & Mrs Stubbs feel that they have regained control of their finances, and are now happily enjoying married life in their home.

Mr Wright worked in a call centre and changes in his family life lead to an increase in his monthly expenditure.

To make ends meet he initially borrowed on credit cards to supplement his income. To lower his repayments he consolidated his debts with a loan, but even after doing this, he had to take out a further bank loan.

Mr Wright had no assets but felt strongly that he wished to avoid Bankruptcy. When he met with us he had debts of £23,000 and after a full review of his monthly income and expenditure, proposals were put together for an Individual Voluntary Arrangement.

Mr Wright’s creditors agreed to the proposals and he now pays this office £223 on a monthly basis and for a duration of 3 years.

Mr Wright is happy that he has avoided bankruptcy and is making a contribution back to his creditors.

Mr Biggins operated as a sole trader selling flooring and carpets.

Following the establishment of a large carpet retailer within half a mile of his trading premises, his turnover reduced and the business began to experience cash flow problems. Initially, Mr Biggins remortgaged his property and took out loans to keep the business afloat.

Mr Biggins fell into arrears with his loan repayments and came under increasing pressure from his creditors. Having looked at our website Mr Biggins contacted us and a meeting was held at his home. Mr Biggins’ house had a value of £230,000 and was subject to a mortgage of £125,000.

Following a review of his finances, it was clear that the business could not be sustained with three employees. We reviewed Mr Biggins’ business and prepared cashflow forecasts which indicated that that the business could be returned to profitability.

We subsequently introduced Mr Biggins to a mortgage broker and a second charge was given by him and his wife in the sum of £65,000 enabling him to pay redundancies to two of his staff and to give him sufficient cashflow to turn the business around.

Mr Biggins’ business is once again profitable.

Mr James operated a taxi whilst his wife was employed in the NHS. They jointly owned a house with a value of £190,000 with a mortgage of £143,000 and was being repaid in the sum of £920 per month.

In addition they had credit card and bank loans of £153,800.

Their total net monthly income was £2,221 and their expenses including the mortgage £2,091, giving them a surplus income of £130 per month which was divided between the credit card and loan companies. The monthly payments were not meeting the minimum requirement and therefore we proposed that they remortgage their private dwelling and offer the creditors 20p in the pound.

A remortgage of £31,000 was obtained which removed creditor pressure but meant that the repayments to the mortgage company were still within the family budget meaning that they could retain the family home.

Please note. These examples are for quoted for illustration purposed and we cannot guarantee to replicate these outcomes. Every case is different and we can best move forward in assisting you if you call our office to make an appointment.