Examples of Debt management plan

Example 1: Mrs S has debts of £6,050

Barclaycard     £3,000 struggling to pay minimum payment of £90.00
Egg card        £1,500 struggling to pay minimum payment of £ 45.00
Overdraft       £ 900 always over limit
Provident       £ 400 being collected weekly at 175% interest £30.00 per week
Pay day loans  £ 250 being charged interest of 1,777% 

Hamilton Associates worked out that she could not possible keep to the payments that were due on her accounts so we negotiated with her creditors that she could only pay £85.00 per month and the creditors agreed so stop all charges and interest and help due to her circumstances.  Mrs S has now been with Hamilton Associates for 12 months and has managed to pay on time with no further charges and interest being added.  She can now see that one day soon she will be debt free.

Example 2: Mr J had debts of £50,000

We went to see Mr J in the comfort of his own home. Mr J was a builder and due to clients not paying him and lack of work has hit hard times.  He did not know what help was available to him so we went through all his options making sure that as he owned his own home and their being equity in it he was advised not to go Bankrupt.  As his income was very unstable due to the current climate he would not fit into a IVA so we looked debt management.

After doing a full income and expenditure with him and his wife he could make a payment of £100.00 per month to his creditors Hamilton Associates negotiated with all his 20 creditors and stopped all action against him and set up an arrangement that would be reviewed  every 6 months.  Hamilton Associates regularly review each client as the more you can pay the creditors the quicker you will be debt free.

For free help with your debt management please call us on 0800 010 6506 or email us at Debthelp@hamiltonassociates.org.uk