Case Studies

Case Studies

MR ARNOLD - £35,000 Written off

Mr Arnold was £52,000 in debt and having to make payments of £870 per month.   We were able to arrange with Mr Arnold’s creditors for Mr Arnold to pay a reduced payment of £400 per month.  Mr Arnold’s creditors agreed to write off £35,000 of the debt.

This is Mr Arnold’s story – I am 29 years of age and I work for a car manufacturer.   My financial problems started when overtime was stopped at work.   This caused a big drop in my wages and I fell behind with my credit card and loan repayments.  My debts began to get bigger and in addition to this I was off work for three months with health problems and whilst off work I was only paid statutory sick pay.  The combination of the reduction in my earnings and the time off sick resulted in my debts escalating to £52,000.   I did not know who to turn to for advice.  A friend recommended that I speak to Moneysolve for free independent advice.   They took control of my situation, managed my creditors and helped me face up to and tackle my debt problems.   This one phone call transformed my life and I am now back in control of my finances and my life.

MRS LAWTON - £30,400 Written off

Mrs Lawton was £40,000 in debt and was having to make payments of £650.  Mrs Lawton now pays £260 per month into her Individual Voluntary Arrangement and her creditors have agreed to write off £34,000 of her debt.

This is her story: - I am 40 years of age and my husband is aged 39.   We have two children aged 9 and 11 both of whom attend school.  My husband is registered disabled and has been for the last 8 years and he is unable to work.   My problems began towards the end of 2003 when the company I worked for went into receivership.  I was not paid for over 10 weeks even though I carried on working for them.   My financial position really deteriorated badly and I took out loans to cover the mortgage repayments and my credit card payments and to help with the day to day running of the house.   At this time I couldn’t discuss my financial problems with my husband.  He was unaware that my finances were in a downward spiral.   I was eventually made redundant.  By the time I received my redundancy money I was seriously in debt.  I eventually got another job but this was at a lower rate then with my previous employment.  It was at this point that I sought help from Moneysolve who were able to negotiate with my creditors on my behalf and lead me to a brighter future.

MRS WHITTAKER - £40,000 Written off

I am 35 years of age and prior to my present financial problems started I worked as a secretary for a building firm.   I did have some credit cads and personal loans and I was able to meet the repayments without too much difficulty.   When I was made redundant I was unable to meet the repayments.   Late payment, interest and bank charges were added to the outstanding balances and I was staggered by how fast the debt grew.   In addition to this I used the cards more as I couldn’t afford to buy the things my family needed for example school shoes for my children.  I felt totally helpless.   By the time I was able to get alternative employment some of my creditors issued proceedings at court and judgments were registered against me.  I dreaded the phone ringing and every knock on the door.   When I spoke with the Moneysolve advisor she was so helpful. She talked me through the process and I didn’t feel rushed or judged.  They took over the handling of my creditors and were able to stop all court action.   I am now looking forward to being debt free and a brighter future.