Abbas was referred to TDA after he had found himself without work. Previously working as a Chartered Accountant, Abbas could afford his credit commitments and had a debt level of just under £17,000. After losing his job, Abbas could not afford his credit card repayments, and with charges accruing, his minimum repayments over £650 per month. As Abbas was looking to find a new employer, is income was erratic, and found he only had £200 available at the end of the month after budgeting for everyday living expenses.
The Debt Advisor were able to quickly assess his situation and created a bespoke Debt Management Plan taking into account Abbas’ specific circumstances, and his creditors accepted his offer of repayment through the plan.
Abbas’ creditors were very supportive and all agreed to freeze interest and charges. After reviewing his income and expenditure The Debt Advisor found Abbas could afford contributions of £250 per month, this meant Abbas would be able to clear his debts in 6 years and 1 month. Following Abbas’ second annual review, he told us he had found a new job with a much better salary, this meant he could increase his contributions to £450, which meant he was finally able to completely clear his debts in less than 5 years, over 13 months quicker than predicted. Abbas now debt free and is able to look forward to managing his monthly budgets without having to worry about historic debt.