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Debt Help Somerset
“I didn’t really know that I was in trouble; yes I did have credit card debts and also an overdraft. My business seemed to be going well, and there appeared to be a good flow of money coming in.
My daughter and her husband were in financial trouble, they were up to the limit on all their cards and falling badly behind with the payments. They then decided that the best option for them was to go bankrupt. Looking back on this, I think they just rushed into it, thinking that it would be a quick cure for them. So anyway they went bankrupt and I thought nothing more about it.
“It turns out that in the past I lent my daughter some money for a holiday, which she paid back as soon as she could. The Official Receiver though saw this as preferential treatment, and started to investigate my financial affairs….”
Then a little while later, as I was dealing with my own business, I found that my bank account had been frozen! I was informed by the bank; the reason was that it was being investigated by the Official Receiver. It turns out that in the past I lent my daughter some money for a holiday, which she paid back as soon as she could. The Official Receiver though saw this as preferential treatment, and started to investigate my financial affairs. This then had a massive knock on effect, as I was then not able to payout from this account. I then found myself having to make payments on cards etc.
It was then at this point that I sought out professional help. The first thing that we did was to do an in-depth financial fact find. Despite having credit card debt and an overdraft I really thought that it would show that I was making money. It turned out to be the opposite, and I was really shocked by how much I was going down by each month.
We calculated that I had £44,000 of debt.
The one good thing was that I also had a property, and there was quite a bit of equity in it. I considered getting a re–mortgage, but to be honest I was not very happy in this house, so I decided to put it up for sale.
After a short period of time I managed to find a buyer, because I wanted a quick sale, I also was forced to take a slightly lower offer. The sale then went through and I ended up with a nice some of money. I found myself a lovely cottage in the country and paid a years rent upfront. Oh and how wonderful it is living here too!!!
It was then suggested that I use some of the funds to negotiate Full & Final Settlements. I have to say that it did take sometime (many months), but in I am now debt free!!
My £44,000.00 of debts was settled for £11,777.00. This saved me a total of £32,223.00.
Looking back I remember spending many times on the phone with my caseworker, it certainly was not an easy journey. But for me the result turned out to be better than I expected.”
Debt Advice Nottingham
“I had seen all the articles and adverts regarding unenforceable agreements and that my debts could be written off. So I did quite an extensive search over the internet, and found a lot of companies offering this type of service.
The biggest problem that I found was that they all wanted a hefty upfront fee for this service; many of them charging about £250 for each card or loan that I had, then there was also a fee at the end which varied quite a bit. Also the deeper I looked into this, the more negative or cautious articles I found regarding unenforceable agreements. It made me feel nervous about parting with so much money, with no real guarantee of getting the debt written off.
“It was then suggested to me that maybe I should approach it in a different way. Each card could be looked at, to see if there were any unfair charges or other claims. The cost of this turned out to be £20 per card or loan….”
I then came here and asked about unenforceable agreements. I was told that they did not do it as they were not sure that it really worked.
It was then suggested to me that maybe I should approach it in a different way. Each card could be looked at, to see if there were any unfair charges or other claims. The cost of this turned out to be £20 per card or loan. £10 for an administration charge and the other £10 sent to the creditor to get the relevant information. There was also a charge of 20% at the end, should the claim be successful.
Now this was something I felt that I could afford, if it was a con, all I would lose was £20.
After filling out the initial paperwork, all went very quiet. I even called on a couple of occasions to see how things were progressing. I was told that it would take a little while as it took the card suppliers a little while to process the requests.
Then suddenly out of the blue a letter arrived with a cheque for £596.25, then another cheque a few days later from another card company. As I write this I still have more claims that I am waiting for, but I am very pleased with the result so far!”
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