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customer background
Anwar had operated a small store in Wales for a number of years but the ups and downs of trading had meant that he had to turn to credit cards and a loan to fund his stock and provide working capital for his business.
Anwar’s comments:
I was very pleased with the service that you provided. I always felt that I was speaking to an old friend as opposed to a debt advisor. You were always very friendly. When I was able to settle all my debts you got all the settlements and saved me over £10,000. I was very pleased with the service that I received.
situation before Full & Final Debt Management
Total Unsecured Debt
£28,138.00
Anwar approached TDA in March 2012 with £28,138 of debt which included 5 credit card debts, a loan and debts owed to a supplier. Anwar was in the process of developing other strands of business and for that reason was keen to avoid formal insolvency.
He needed help urgently to get his debts under control. All he could afford was £100 per month. The trade creditor had obtained a judgment and we helped the client agree an initial payment to the trade supplier of just £5 per month with interest and charges frozen. The remainder of his creditors accepted pro-rata payments and froze interest.
He needed help urgently to get his debts under control. All he could afford was £100 per month. The trade creditor had obtained a judgment and we helped the client agree an initial payment to the trade supplier of just £5 per month with interest and charges frozen. The remainder of his creditors accepted pro-rata payments and froze interest.
approved Full & Final Debt Management solution
After being on a debt management plan paying £100 for just over 12 months, Anwar managed to negotiate a sale of his shop and flat. He asked the debt management team to help him put forward a discounted offer of £15,000 to his creditors whose debts totalled at this point £25,763. All of Anwar’s 6 creditors accepted the settlement which provided for them to recover 60% of their debt.
