Karen and Alex unfortunately suffered the full affects of the Credit Crunch when their Pub went into administration.

Like most landlords, the Pub was held Privately and not a Limited Company. Their combined debt level was in-excess of £100,000 and was a combination of Brewery Debt, Gas & Electric, Personal Credit Card Debt, Store Cards, Council Tax, VAT and Property Rent. After assessing their income it quickly became apparent Bankruptcy was their only option as their disposable income was -£375 per month. Our Administration team petitioned for Karen and Alex’s Bankruptcy on their behalf, contacted all their creditors, prepared their Court Papers, and booked them into court on convenient day for them. Everything was handled internally to relieve the already stressful time for the couple. 12-months later the couple we’re discharged from their Bankruptcy, are 100% debt free and have secured new jobs.

Read more

Rebecca is a full time house wife with 4 children. She has at total unsecured debt level of £11,000 which is made up of a personal loan and Store Cards. Her Husband is a self employed electrician who also has an unsecured debt level of £18,000.

Rebecca contacted DebtManagement.co.uk via the Debt Wizard because her Husband recently lost a contract which has resulted in a reduction in his take home pay. The couple own their own home which has £10,000 equity, a car worth £5,000 and a Van worth £1,200.00

After speaking to one of our friendly advisors it became clear they could not afford to keep up their monthly repayment and a Debt Management solution was required soon. They were currently paying their creditors circa £700 per month due to high interest rates and their poor credit rating.

Combining the Couple’s debt meant they had a joint debt level of £28,000 and were eligible for an IVA (Individual Voluntary Arrangement) because their debt level exceeded their equity in their property. This meant they we’re guaranteed to be debt free in only 60-months and with a household disposable income of £200 they would only repay £12,000. The remaining £16,000 would be totally written off at the end of the IVA term. The IVA was arranged internally by a DebtManagement.co.uk Insolvency Practitioner and was set up in within 6-weeks.

Read more

Like a lot of employees Stacey had to take a reduction in her salary due to the economic downturn which resulted in her being unable to maintain her £18,000 unsecured debt level which consisted of 8 Credit Cards. Stacey had a house with her Partner with £50,000 equity. Her total monthly repayment amount was £638.00 but with her basic salary being cut this was just too much.

She hit the Apply Now button to see what her Debt Management options we’re. Although she had a steady income and a debt level over £12,000, Stacey was not eligible for an IVA due to her equity share in the property exceeding her debt level. This left the option of an informal Debt Management Plan.

After assessing her house hold income and house hold expenditure, Stacey was left with £300.00. We contacted her creditors and applied to Freezes all her Interest and Stop late charges on the accounts. Three of her creditors agreed to freeze the interest for 12-months whilst the remaining 5 reduced their interest from circa 17% to 1.5% APR. This enabled our client to repay the Capital and not just the Compound Interest.

Read more

Martin called our free phone number when his Personal Loan, Credit Cards and Store Cards, totalling a debt level of £8,790.00 spiralled out of control. His monthly repayment to all his creditors was £425.00 per month. After assessing his Income and Expenditure his disposable income was only £150 per month.

Martin was advised that the best course of action for him was a Debt Management Plan. We applied to freeze all interest and charges on all the accounts, and handled all future correspondence between his creditors on Martins behalf to ease his pressure.

Although the creditors didn’t agree to freeze the interest they did reduce it down to 0.5% APR from 18.25%. This enabled Martin to repay the Capital rather than simply paying off Interest.

Martin was debt-free in only 70-months, saved himself £275.00 per month whilst reliving himself of the stress.

Read more

Jason contacted us when his £24,500 debt pile became unmanageable. He filled in the Debt Wizard to see which Debt Management options would be available to him.

He contacted DebtManagment.co.uk directly to discuss these options in more detail. He was eligible for two plans, a Debt Management Plan and an IVA.

After talking through both debt solutions in more detail the best advice for Jason was to enter into the IVA. Jason was a home owner but with very little equity and had a steady income. After assessing his Income and Expenditure to government guidelines Jason was left with £250 per month disposable income and was eligible for the IVA (Individual Voluntary Arrangement)

Read more