Success Story
What happened to Kevin and Sarah?
"What then happened seemed too good to be true" Kevin and Sarah went from £280,000 debt to £98,000. Central Debt Management received the following letter from a very happy and relieved client. Names have been changed to protect privacy.
"We had invested in the stock market over many years, and when things were going so right, we started to borrow money from loans and credit cards to fuel this apparent success. In the year 2000 the stock market started to crash, especially telecom and technology shares, and unbeknown to my wife, Sarah I started to borrow even more money for day trading, etc, in the hope that I could make more money to pay for the debts covering shares that were now worthless.
Over the next 2-3 years the situation spiralled totally out of control with interest and charges being added by banks to a disastrous extent. By May 2004, I was £280,000 in debt, and I decided to tell Sarah, who still knew nothing about the problem. She was totally devastated. Our only equity we had was our house (as there was still a high mortgage) which could not cover the debt anyway Sarah insisted I seek immediate help, which I had resisted because I thought that just nobody could help, i.e. I had thought that if we sold the house we would be homeless, and still in debt, a prospect that had stopped me doing anything and keeping the secret for so long.
In May 2004 we immediately contacted Central Debt Management, and a counsellor was appointed. Sarah and I were so frightened when we attended that meeting, but we entered an atmosphere that was calm, blameless, and one in which we could confidently expose the terror of what had happened. It was explained that, as bad as our situation was, there had been even worse situations, and even though ours was at the extreme end, we could still sort things out. Most importantly the way in which we were guided meant we would not lose our home.
You cannot imagine the relief we felt that someone else was there to support us and fight battles on our behalf. In no time, a mortgage broker was appointed for us, and although we re-mortgaged at a high amount, it was at a level we could afford, and even left us with some equity.
What then happened seemed too good to be true! Our Debt Counsellors managed to reduce their debt through negotiation from £280,000 to £98,000, with 65% written off (as by August 2004 it had reached £280,000 with all the charges and interest going on)!
We are now into Autumn 2005, we have kept our house, we live an ordinary life with ordinary income and expenditure."
For more success stories or information about debt management call us for a no obligation chat on 07770 444 108 or find out more about how you can deal with debt using our 6 point plan of action.