Recent Cases
Case Five: Debt Management - £27,000 managed at £250
This couple needed a financial break. Their finances were working well until they had another baby. This resulted in the wife being unable to work for a year. They wanted a short term fix whereby payments were reduced until such time as the wife returned to work. Through using a Debt Mangement Plan we were able to temporarily reduce their payments by £359 per month.
| Customer's original financial situation | ||
|---|---|---|
| Creditor | Debt Outstanding | Monthly Payment |
| Northern Rock | £4600 | £166 |
| Egg | £3500 | £70 |
| MBNA | £2700 | £70 |
| Barclaycard | £1050 | £21 |
| HSBC | £3500 | £86 |
| HSBC | £11000 | £206 |
| HSBC | £1,000 | £0 |
| Total | £27350 | £609 |
- Solution selected
- Debt Management Plan - £27k managed for £250 per month by negotiating on interest and payments.
- Reasons for selecting an debt management plan
- Customer felt a short term fix for one to two years would be sufficient until she got another part time job.
- Benefits for the customer
- Monthly costs were reduced by approximately £359 per month.
- Customer?s budget balanced whilst unable to work.
Case One: Unsecured Loan - £10,000 with minor arrears cleared for £147.60 per month.
Case Two: Unsecured Loan - £24,000 with arrears cleared for £392.83 per month.
Case Three: Secured Loan - £44,000 in debts cleared for £371.08 per month
Case Four: Secured Loan - £60,000 cleared for £450.54 per month
Case Five: Debt Management Plan - £27,000 managed for £250 per month
Case Six: Individual Voluntary Arrangement - £127,000 cleared for £1122 per month
Case seven: Individual Voluntary Arrangement - £93,000 cleared for £690 per month.
Case Eight: Individual Voluntary Arrangement - £44,000 Cleared for £390 per month
Case Nine: Individual Voluntary Arrangement - £20,500 Cleared for £195 per month