Debt help

Ben and Laura

As often happens, costs spiralled and Ben and Laura ended up with problem debts

Customer Background

Ben and Laura contacted The Debt Advisor as they had fallen into debt when organising their wedding. Shortly after getting married they then bought a house and having spent their savings on their wedding, they resorted to credit to furnish their new home. As often happens the costs spiralled and Ben and Laura ended up with problem debt which was eating into the money they had to live on each month.

Both individuals wanted to repay their debts in full, at the time they owed £8,432.32. They felt that a DMP would ensure their creditors got back what they had borrowed.

Their DMP was set up and creditors agreed to the plan, freezing interest and charges.

During the plan Ben and Laura had various changes in circumstances which meant their monthly payment had to drop to accommodate maternity leave and increase again when Laura went back to work.

After 6 years of repayments of around £124 per month Ben and Laura cleared their debt in full. Based on our current fee structure, the set up fees would be £90 (Ben and Laura had a total of 8 creditors) and the monthly management fee would be £25.

Situation before

Total unsecured debt: £8,432
Surplus income: £124

Situation after

After TDA help: Ben and Laura cleared their debt in full
New monthly payment: £124
Ben and Laura

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There are alternative free-to-consumer debt services from the Money Helper.

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Customer Support

18-22 Lloyd Street, Manchester, M2 5WA

Monday to Thursday: 9:00 am – 7:30 pm
Friday: 9:00 am – 3:30 pm

Company Registration: 06248441 | The Debt Advisor Limited is Authorised and regulated by the Financial Conduct Authority Reg No: 659920.

All debt solutions should be very carefully considered. Please note, if you are struggling with debt issues and need advice on your options, we’ll take a look at your financial situation and explain the available options. If it is appropriate to refer you to one of our trusted providers for a solution, we may get a fee for introducing you, or for the preparatory work we complete. Fees are payable if ongoing services are provided.

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