Recent Case Studies by Debt Medical
Please find below some examples of the cases we see on a daily basis, these will set out the background and situation of actual clients (names withheld for obvious reasons) and the solutions that we at debtmedical.co.uk have provided to the satisfaction of our clients.
Client 1 – David
“they wanted £750 pcm and we agreed an affordable budget of £125 pcm”
David was finding things very difficult at work, due to the recession; his hours had been reduced from a very healthy full time job, with overtime, to a barely part-time job with no overtime. To try and make ends meet he had run up credit cards to the extent that he was no longer able to meet the minimum payments. He tried to negotiate with the creditors to lower the payments with no success, they then began to call him on his mobile, at his work and at home either early in the morning or in the evening and sometimes even on a Sunday.
The decision to call us came when one of the creditors decided to call him at work and said to his boss that he could speak to him and that it was a personal call. David’s income was quite low due to the reduction in hours and after working out a budget with him I could see that he could only afford about £125 per month instead of the £750 they actually wanted. We set up a debt management plan for David as his contribution wasn’t enough for him to go into an IVA, however when his income increases in the future we can look to see if this is an option for him.
Client 2 – Elisha
Elisha contacted us because one of her friends recommended us. She was finding it very difficult keeping up with repayments, particularly on her store cards & doorstep loans. Elisha said that she was always borrowing from one to pay another and now the only money she had left was for food & rent. Elisha was in arrears with her council tax & a utility bill and needed to get back on track with those as well as pay for her mother debts. The council had already told her how much she needed to pay each month to clear the arrears & the electric company had increased her direct debt to cover the arrears with them.
This just left her store cards, loans & catalogue to sort out. We went through Elisha’s budget and worked out that she could afford to pay £110 per month towards these debts, a lot less than the £270 that she had been paying. I advised her that we could manage the debts using this payment. This helped her out massively as she no longer needed to cut back on her essentials & gave her enough money to pay for her day to day living costs.
