Ben and Laura contacted The Debt Advisor as they had fallen into debt when organising their wedding. Shortly after getting married they then bought a house and having spent their savings on their wedding, they resorted to credit to furnish their new home. As often happens the costs spiralled and Ben and Laura ended up with problem debt which was eating into the money they had to live on each month.
Both individuals wanted to repay their debts in full, at the time they owed £8,432.32. They felt that a DMP would ensure their creditors got back what they had borrowed.
Their DMP was set up and creditors agreed to the plan, freezing interest and charges.
During the plan Ben and Laura had various changes in circumstances which meant their monthly payment had to drop to accommodate maternity leave and increase again when Laura went back to work.
After 6 years of repayments of around £124 per month Ben and Laura cleared their debt in full. Based on our current fee structure, the set up fees would be £90 (Ben and Laura had a total of 8 creditors) and the monthly management fee would be £25.
