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Mr Smith has 6 unsecured creditors with a total debt of £38,786, his current contractual monthly payment amounts to £1,163.58. After taking his income minus his essential expenditure into account, Mr Smith has £434 to service these debts. A Debt Management Plan was negotiated for Mr Smith who will pay £434 per month. This single monthly payment will be distributed to creditors on a pro-rata basis. This reduces Mr Smith’s outgoings to his creditors by £729 per month.
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Mr Smith has 6 unsecured creditors with a total debt of £38,786, his current contractual monthly payment amounts to £1,163.58. After taking his income minus his essential expenditure into account, Mr Smith has £434 to service these debts. A Debt Management Plan was negotiated for Mr Smith who will pay £434 per month. This single monthly payment will be distributed to creditors on a pro-rata basis. This reduces Mr Smith’s outgoings to his creditors by £729 per month.
A personal loan with Bank of Scotland was the subject of this case. The loan was originally taken out several years back for a total sum of £15,000, with an outstanding balance of £5,427.97. Documents were requested from the lender and once received they were passed to the specialist in-house legal team. A detailed review of the documents found that the agreement incorrectly stated the APR and other terms as prescribed by the Consumer Credit Act.
A defence was prepared by the senior barrister and filed accordingly. Negotiations with the lender followed and the client opted to settle out of court for a full and final payment to the lender of £1,600. A saving of over £3,800.
The client owed £333,659.45 in unsecured borrowing across 78 creditors. The monthly contractual payments were £8,083.78. The client was remortgaging and could release £50,000, taking them to 95% of the value of their property. A full and final settlement was arranged with 15 creditors, a total balance of £66,547.32 and a negotiated settlement which amounted to £32,295.54.
The remaining creditors were placed in a debt management plan with an affordable monthly payment of £700.
The client owed £30,982.29 in unsecured borrowing across 17 creditors. Contractual monthly payments were £1,611. An IVA was arranged for the client with an affordable payment of £313 a month.
After 5-years he will have written of the entire debt saving him in excess of £12,000.
The client had previously been declined a remortgage due to outstanding arrears. The clients unsecured debt totaled £43,525, meaning that the unsecured payments and the contractual mortgage payment were unmanageable. The clients unsecured debts into a debt management plan, releasing vital income to pay the mortgage and current arrears. Six months later the client effected a remortgage, raising £30,000. The clients outstanding debts were settled via a full and final settlement offer at just £25,342, saving the client in excess of £18,000.
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