Case Studies1

Debt: £28,000 / Was paying: £850/month Now paying: £400/month

Jack earns £1,480 per month, and was able to manage repayments on debts of £28,000 while living with his partner and child. The relationship broke down and Jack began to struggle with the repayments. Now unable to keep up with the repayments, he contacted DebtCorrect we arranged a debt management programme reducing his monthly payments by £450.00.

Debt £28,500 / Was Paying £742/month Now paying: £360/month

John and Louise had 24 credit cards run up to their maximum, they started to realise they were paying nothing off the balances and only interest. In fact in contacting debt correct we were able to calculate it would take over 30 years to pay the cards off at minimum payments.

DebtCorrect negotiate with all the card holders to not only freeze interest but accept reduced payments. Thanks to DebtCorrect John and Louise are paying out £382 less a month and their creditcards are reducing every month.

Debt: £5,667 / Was paying: £225/month Now paying: £140/month

Mumtaz had completed the fixed rate introduction period to her mortgage and has been hit by larger than expected interest rates.

She was recommended to DebtCorrect, she now pays £85 a month less to her unsecured debts allowing her to pay her new mortgage payment.

Debt: £14,293 / Was paying: £641/month Now paying: £300/month

Vijay took credit while he was with his partner, and with both wages, they could maintain repayments. They have now separated and because the debts were taken out in just his name he has to make the repayments alone to 12 different creditors. Living just by himself, his living costs has also risen.

To help make ends meet, Vijay got a second weekend job, but is still struggling. He contacted DebtCorrect and our experts renegotiate his payments down by £341.00 per month, interest was frozen and all his debts are now reducing.

Debt: £12,950 / Was paying: £350/month Now paying: £180/month

Janet had affordable credit repayments until her husband lost his job, halving the household income. Two months later their savings were running low so they decided to look for a consolidation loan to reduce monthly payments.

They were for refused for loans as their income was too low and they were not homeowners. Soon they would start to miss payments and needed a solution. Janet and her husband approached DebtCorrect.

Debt Management was the right solution for them because the payments were flexible and could be increased when they were both working again.