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Case Studies

These are few reports on recent Members activities, naturally to preserve their identify we avoid using their surnames or location.

Mike is single and was living at home a year ago owing over £20,000 due to an excess of spending brought about by depression. Following some treatment, counselling and the support of his family he was able to move job and start to earn more money. By discussing his debts openly he was able to negotiate with several and agree interest free terms with many. A year later he now his debts below £10,000 and thanks to advancement in his job is earning double that a year ago. He has now moved out of home into a shared flat and is enjoying life knowing that within a year or two he will be debt free.

Jill is a middle aged widow with a long term illness, living on benefits but owning a house which was a few years ago in negative equity. The mortgage company who she found difficult to pay had several times threatened eviction, she had no other real debts. Despite no real increase in her income property prices meant she now has £40,000 of value in the house, she continues to live in fear of repossession and pays as much as she can afford to the mortgage firm, despite still having heavy arrears. One day she plans to move to a flat safe in the knowledge she has a useful nest egg to rely on.

Mickey and his wife own two homes and one mortgage, one used for holidays and as a potential future retirement home for them. Faced with redundancy with no pay off or pension bills mounted up, and their daughter was due to be married for which they had promised to help fund the wedding. They remortgaged their home and cleared off their debts getting an excellent fixed interest rate paying less than they did previously and cut 3 years off the mortgage term, By renting out the 2nd home they saved the overheads as well as adding to income.

Sally is in her 20's and enjoys an active life style, using an ever increasing bank loan to fund her life style of parties, clothes and entertainment til eventually the loan had risen to over £17,000. The evil day of reckoning came when illness struck and she was off work for over 6 months, whilst she was entitled to some sick pay her income was greatly curtailed. She had no assets and living in a shared rented house with 3 other girls the bank had little option but to accept modest payments of £25 a month. She faces the consequences of her selfish actions by having the bank hounding her for many years, and repayments to them will be a substantial element of her outgoings. Back at work she has restructured her spending priorities.