Case Studies
Mr H is a pensioner who came to Financial Helpline in 2005 with debts that were escalating out of control. Mr H had tried to help his family financially and had raised money to put his grandchildren through further education.
Mr H being typically proud did not confide in anyone until he could not reach the minimum payments on his debts and started to fall behind with payments. Mr H contacted us out of desperation and felt embarassed and ashamed.
We reassured him and went through his income and expenses and worked out what he could afford to pay back to his creditors on a monthly basis. We negotiated with his creditors to freeze all interest and charges and reduced his monthly payments down to £200 per month. His debts are also reducing at a faster rate as no interest is being charged.
Mr W was a professional sports journalist who also operated a freelance business within the travel industry. After a number of years enjoying a good lifestyle the journalism started to dry up. This left him with increasing debt problems as he tried to make his travel business meet the demands of his existing committments.
Mr W contacted the Financial Helpline out of sheer desperation after his debts had spiralled out of control. His debt had now reached a staggering sum of £290,000. After negotiations with his creditors we reached a settlement figure of £77,500. We arranged for Mr W to remortgage his property to raise the money, thus safeguarding his home and business.
Mr N came to us with crippling debts in excess of £115,000 caused through his gambling addiction.
First of all we tackled the root problem and counselled him into seeking help with his addiction. Subsequently, he joined Gamblers Anonymous and has now even become a volunteer helpline others.
We advised Mr N to take out a Debt Management Plan with Financial Helpline, which he started at the beginning of 2005. Mr N now owes £61,000 and is well on the way to clearing his debts, thus saving his marriage and sanity.
Mr & Mrs H from London had accumulated £75,000 in debt and were in danger of defaulting on their mortgage.
We were able to:
- Reduce payments by 34%
- Freeze interest
- Eliminate all debt in 4 1/2 years
