Mr & Mrs Stortford

The Situation

Mr & Mrs Stortford only had £540 left after paying their Mortgage, housekeeping and other essential living costs but every month needed to find over £1,238 to satisfy credit card and loan repayments.

They had been struggling to make repayments to creditors, they were over their limits on credit cards and had stopped paying some creditors because they simply can’t afford it. In addition, they had been getting lots of calls and correspondence from creditors threatening further recovery action unless they payed their debt in full.

As they had a property Mr & Mrs Stortford tried to obtain a secured loan to consolidate all the credit cards and loans into one payment but they were declined because there was not enough equity in their property and they had missed payments to their mortgage company.

They were however, offered an unsecured loan of £20,000.

The Express Debt Solution

Mr Stortford completed our online enquiry form and Express Debt Solutions contacted him almost immediately. On reviewing their financial situation we explained that it would not be beneficial for them to take another unsecured loan as this would only deal with a small percentage of their debt and would only alleviate their situation in the short term.

Instead we helped them enter into an Individual Voluntary Arrangement with their creditors. They are repaying their debt through the Voluntary Arrangement at the rate of £540 per month for 72 months. The property will be protected and excluded from the arrangement and providing they stick to their side of the agreement, their creditors are likely to write off at least £32,771.

Debt likely to be written off: £32,771

Mr & Mrs Stortford no longer have to worry about recovery action from their creditors or loosing their house all because of an Express Debt Solution!

This is a "Real Life" example however we have changed the names to protect individual identities.