Success Stories

Frank owed £39,301… He's now paying £370 a month instead of £900.

Frank* was a 47 year old self employed joiner and home owner. Frank was struggling to maintain his monthly payments to his various loans and credit cards due to a loss in income. As a result he decided to contact Debt Solver for help. After speaking to one of our professional advisers we were able to recommend a debt management program as the most appropriate solution to his situation due to the fact that he has equity in his property, couldn't remortgage but wanted to avoid bankruptcy. The result was that we were able to reduce the amount he was paying to his debt by a considerable amount. He was paying over £900 a month towards his creditors he now paid an affordable £370.

Frank's original financial situation
Creditor	Debt Outstanding
Barclaycard	£7,184
Sky Card	£7,734
Mint Card	£4,120
Capital One	£10,000
Barclaycard	£10,263
Total	£39,301

Solution Selected :
Frank now pays £370 towards his debt management program; previously he was paying over £900.

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Julie owed £26,550… She's now paying £226 a month instead of £630.

Julie* was a 59 year old telesales worker who had debts of over £25,000 and was struggling to maintain payments due to a loss of overtime at work. She did not want to put her house at risk by going bankrupt and was unable to get a remortgage. After speaking to one of our debt advisers at Debt Solver she was advised to start a debt management plan which reduced her monthly payments by over £400 a month.

Julie's original financial situation
Creditor	Debt Outstanding
Lloyds TSB	£4,200
MBNA	£2,400
Bank of Scotland	£10,000
Post Office	£1,900
Barclaycard	£2,100
Abbey National	£4,000
Lloyds TSB	£600
Creation Financial	£1,350
Total	£26,550

Solution Selected :
Julie now pays £226 towards her debt management plan; she was previously paying £630.

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Mr Roberts owed £15,407… He's now paying £150 a month instead of £560.

Mr. Roberts* is 45 years old and employed as a machine operative. He has recently had a family member pass away which has left a strain on his finances as his outgoings (rent, bills etc) have now increased. This meant that he was now struggling to keep up repayments to his credit cards and loans. He wanted to avoid bankruptcy and through speaking to Debt solver it was agreed that a debt management plan would benefit Mr. Roberts, as this would enable him to meet all his household commitments as well as reduce his outgoings to his creditors by over £400.

Mr Robert's original financial situation
Creditor	Debt Outstanding
NatWest	£2,553
Shop Direct	£985
Dell Financial Services	£969
Yorkshire Bank	£10,900
Total	£15,407

Solution Selected :
Mr. Roberts now pays £150 towards a debt management plan; he was originally paying £560.

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Ben owed £26,000… He's now paying £200 a month instead of £673.

Ben* is 38 years old and is in the army. After a recent divorce he is finding managing his finances a struggle now he is only dependant on one income. He is a tenant and has a debt level of £26,000. He was looking for a financial solution that would clear his debts over the quickest period of time. After speaking to one of our advisers at debt solver the quickest solution would be an IVA so he can reduce his outgoings and become debt free in 5 years.

Ben's original financial situation
Creditor	Debt Outstanding
Egg	£6,000
Sainsbury's	£15,000
Co-operative	£5,000
Total	£26,000

Solution Selected :
Ben now pays £200 a month on a IVA; he was originally paying £673.

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Wendy owed £39,301… She's now paying £100 a month instead of £400.

Wendy* is 52 years old and is a ward receptionist who is recently divorced. She is now finding managing her finance a struggle as she learns to cope on one income. Wendy managed to talk to her creditors and reduce down her monthly payments for a few months, but after 3 months they are demanding more money and are calling the client every day.

Wendy got in touch with Debt Solver through a friend who was already on a debt management plan. After speaking to a debt adviser Wendy felt much better about her financial situation and was happier to know that debt solver would be in touch with her creditors. The debt management plan would also help Wendy with her monthly budget so she can know she can manage all her expenditure on just her income.

Wendy's original financial situation
Creditor	Debt Outstanding
The Funding Cooperation	£608
Halifax	£15,400
Apex Credit Management	£4,100
Halifax	£3,000
Total	£23,108

Solution Selected :
Wendy now pays £100 a month towards her debts previously she was paying over £400.

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Mr Patel owed £38,949… He's now paying £250 a month instead of £500.

Mr Patel* is recently divorced. His children live with his ex partner over 200 miles away. He spends a lot of money on child maintenance as well as petrol travelling to see them at weekends. This extra outgoing plus the fact that he has been left to manage the 'family debt' was having a massive strain on his health as well as his finance. His circumstances meant that bankruptcy was not open to him. Having spoken to an advisor at Debt Solver they advised a debt management plan to reduce his monthly outgoings by over £230 a month.

Mr Patel's original financial situation
Creditor	Debt Outstanding
Egg Credit Card	£6,919
Barclaycard	£9,300
Lloyds TSB	£6,800
Lloyds TSB	£15,600
Halifax	£100
Santander	£230
Total	£38,949

Solution Selected :
Mr Patel now pays £250 a month on a debt management plan; he was originally paying £500.

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Sean owed £18,137… He's now paying £100 a month instead of £450.

Sean is 64 years old and is due to retire next year, He would like to try and clear his credit card debts but the interest on the cards is too high. He does not want to put his home at risk and wants to pay the debt off, but is not happy with the increases in interest rates on his credit cards.
Sean spoke to a debt advisor at Debt Solver who explained that with a debt management plan he can reduce his monthly outgoings to his creditors which will help him once he has retired and as interest rates can be frozen on the plan this will help him reduce his debt level too.

Sean's original financial situation
Creditor	Debt Outstanding
MBNA	£4,800
Marks & Spencer	£3,500
Virgin Money	£2,200
Citi Cards	£3,137
Capital One	£4,000
Barclaycard	£500
Total	£18,137

Solution Selected :
Sean now pays £100 a month on a debt management plan; previously he was paying £450.

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Mike owed £15,040… He's now paying £255 a month instead of £500.

Mike decided to contact Debt Solver as he was struggling to maintain his monthly repayments on various loans and credit cards. As a 58 year old health care assistant and home owner, Mike was concerned about the effect of his debt on his home and employment. After speaking to one of our professional advisers, we were able to recommend Mike opt for a debt management. Thanks to this debt management plan, we were able to nearly half the amount Mike was paying towards his debts. So, instead of having to pay over £500 a month to his creditors, Mike now pays a much more affordable £255.

Mike's original financial situation
Creditor	Debt Outstanding
Santander	£1648
Bank of Scotland	£3191
Barclaycard	£2751
Nationwide	£1861
Santander	£2147
GE Money	£3442
Total	£15,040

Solution:
Mike now pays £255 towards his debt management plan, instead of paying over £500.

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Neil owed £30,526... He's now paying £255 a month instead of £908.

Thirty-two year old farmer Neil began to struggle to meet his various creditor payments. Realising he needed help, he spoke to one of Debt Solver's advisers and they talked him through the various solutions to his problem. It was agreed that a Debt Management Program (DMP) with reduced monthly payments of £225 per month was his best option. This allowed him to meet all his normal household bills and protect his home, safe in the knowledge that his debts were being dealt with.

Neil's original financial situation
Creditor	Debt Outstanding
Santander	£7749
MBNA	£6889
Halifax	£4000
Mint	£3697
Halifax	£2375
Barclays	£2000
Barclaycard	£1841
Capital One	£1175
Next	£500
Freemans	£300
Total	£30,526

Solution:
On a Debt Management Program, Neil is now paying £225 as one affordable monthly payment, instead of over £908 to his various creditors.

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Jessica owed £38,510.86... She's now paying £492 a month instead of £1272.

Jessica, a 32 year old sales officer, found that the drop in house prices left her with no equity in her property.

Over a number of years, Jessica built up around £39,000 of debt and was paying back £1272 per month on loans and credit cards. She and her partner were finding these payments unmanageable.

Once she made contact with Debt Solver, we were able to look into her financial affairs and discuss her options. The best solution to Jessica's financial problems was an Individual Voluntary Arrangement (IVA), allowing her to pay a much more affordable £492 per month, saving them £780 per month. She'll now be debt free in 5 years whilst protecting her home.

Jessica's original financial situation
Creditor	Debt Outstanding
Tesco Personal Finance, Telford	£8,000.00
Egg Credit Card	£5,377.93
Halifax Bank Card Services	£5,203.90
HSBC Bank Plc	£4,989.15
Santander Cards(GE Money Cards)	£4,581.86
Virgin Money	£3,738.77
HSBC Card Services (Payments)	£2,000.00
HSBC Bank Plc	£1,431.92
Next Directory	£1,353.07
Shop Direct Finance( Littlewoods)	£800.00
Studio Cards & Gifts	£534.26
Santander Cards(GE Money Cards)	£500.00
Total	£38,510.86

Solution:
An Individual Voluntary Arrangement; Jessica is now paying £492 per month to her creditors, instead of £1272.

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James owed £22,398... He's now paying just £215 a month.

James, a 36 year old electrician, began to struggle with his finances when the business took a downturn. He started using credit cards to cover everyday living costs, which meant that his debts were in danger of getting out of control. He couldn't keep up with the agreed monthly payments and needed debt help. As James and his partner were home owners they didn't want to go bankrupt and risk losing their home.
Debt Solver's professional advisors talked him through the alternatives and it was agreed that a Debt Management Program (DMP) best suited his circumstances. The DMP allowed him to reduce his monthly outgoings to one affordable monthly payment to his creditors.

James' s original financial situation
Creditor	Debt Outstanding
Edmundson Electrical	£3135
Shulmans Solicitors	£3143
West Electrical	£4153
Denmans	£3481
Direct Route Collections	£2786
Barclaycard	£1700
Barclays Bank	£4000
Ross & Roberts	£1127
Total	£22,398

Solution selected
James is now paying £215 as one affordable monthly payment to his creditors.

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Philip owed £29,049... He's now paying £400 a month instead of £900.

Philip started to have financial difficulties and soon realized that he could no longer maintain his household commitments and make the contracted payments to his creditors. It was then that he took the decision to get in touch with Debt Solver and spoke to one of our advisors. We looked at his finances and recommended a Debt Management Plan (DMP). By taking the DMP option he was able to reduce his monthly outgoings to one affordable monthly payment, allowing him to meet all his household bills whilst maintaining a reasonable standard of living.

Philip's original financial situation
Creditor	Debt Outstanding
Barclays Bank	£2567
Barclays Bank	£8815
Capital One Card	£998
Newman & Co	£9314
Mint	£1969
Lowell Financial	£4100
Next Directory	£1286
Total	£29,049

Solution selected
The Debt Management Program allowed Philip to reduce monthly repayments from over £900 to one affordable payment of £400.