CASE STUDIES & TESTIMONIALS

These case studies and testimonials provide examples of the kind of situations where debt negotiation can be used, and the type of service you can expect from the debt specialists that we work with.

Mr. & Mrs. Lawrence from Devon
The Lawrences owed more than £118,000 on credit cards and loans built up over 15 years of consolidation loans and more credit cards - a never ending circle of paying credit with credit. They had grown the debt from only making the minimum payments to credit cards and loans using other credit, and were paying out over £1800 per month even though they hadn't spent a penny on the cards for over three years. Mr. Lawrence, although 55 years old, took a second job just to keep up with the payments. Over 80% of the couple's monthly income was going towards just the interest on the debts. Mrs. Lawrence contacted one of the Insolvency Practitioners we work with, who advised that their best option was an IVA (individual voluntary arrangement) - the government-backed alternative to what obviously was looking like bankruptcy. The licensed Insolvency Practitioners were able to prepare and propose an IVA on the Lawrences' behalf and this was accepted by the creditors. They now pay £684 per month and will be completely debt free in five years having paid a total of £41,000 with no more interest or charges. This represents a saving of over £60,000 on the original debt. Mr. Lawrence now only works in one full time job and has more time and money to spend with his family. Mrs. Lawrence, who was becoming ill due to the massive debts, had her first holiday for 10 years and is looking forward to a debt free future knowing that now she can pay all her bills without using credit.

Gareth & Lee
"Both myself and my partner were in debt management plans. He was paying £160 per month and I was paying around the same. When we were allowed to get married last year, it was time to bring our life and finances together. At the time, we were paying our debts, plus a 15% fee, to two different debt management companies. We had heard about IVAs but no one at the companies we were already dealing with knew anything about IVA’s. So when we contacted Lines Henry Licensed Insolvency Practitioners we knew we were talking to the right people. Only licensed insolvency practitioners can prepare an IVA. Myself and my partner had combined debts of £35,000 and if we had continued on our debt management plan it would take us over ten years to clear our debt. With the help of our Insolvency Practitioner we now pay the same as we did before and we will be debt free in five years - half the time. A great start to our civil partnership, giving us a real debt free future and meaning we are going to be able to buy a house this year. Thanks!!"