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Matt was seriously struggling with debt stress when he sought advice from The Debt Advisor. Matt was keen to avoid formal insolvency as he was hopeful that in time, his business would recover and that he and his wife would be able to raise money on their property to clear their debts.

Matt’s Comments:

When I approached TDA  I was in deep debt. The debt had taken over me, it was very depressing, every thought I had was debt related. I was always worried about creditors and the threat of bailiffs looking to remove our furniture.  I was in a real complicated mess with many creditors. Paul at TDA helped picked through the mess I had created.

My personal advisor worked wonders and was able to get my creditors to agree to a monthly affordable payment.  I gave him loads to do all the time and he never failed. My advisor Paul was kind , a great listener and very thorough with my finances. This process has taught me a great deal about living within my means and also, getting out of debt is not easy.

I really am very happy to recommend anyone struggling with debt issues to contact The Debt Advisor especially if you are in business as the team at TDA understand what it is like to be self employed and all the challenges this brings.

situation before Full & Final Debt Management

Total Unsecured Debt

£16,168.00
Matt had struggled with reduced income as his plumbing business had suffered a downturn post credit crunch. He was finding it increasingly difficult to maintain his debt payments on unsecured debt of £16,168 which consisted of 2 loans, a credit card, an overdraft and shortfall on a higher purchase agreement. His minimum payments were circa £480 and all he was able to afford was £100 per month.

approved Full & Final Debt Management solution

The debt management plan started off with monthly affordable payments of £100. Most of Matt’s creditors responded well and interest and charges were frozen. However, the creditor owed money on an overdraft failed to follow procedures which should have involved passing his debt to recovery at which time interest would be frozen. The tenacious approach of the debt management team which involved lodging a formal complaint, resulted in charges being repaid and Matt receiving compensation of £500.
Over time Matt was able to increase his payment to creditors and in July 2015 he was able to clear the balance he owed of £9,000 when he raised money through equity release.