Lorraine, aged 39 was a sales manager who experienced a marriage breakdown last year and subsequently, she and her husband divorced. Lorraine was granted custody of the children and got to keep the marital home.
To look after the children, Lorraine had to reduce the number of hours she worked as child care was proving too expensive.
Due to stress, Lorraine was off work for a number of months and eventually resigned, meaning no regular income. In order to cover her and her children’s basic everyday expenses, Lorraine used credit cards and overdrafts and this escalated to debt of £14,000 owing to 7 different creditors. Lorraine could no longer juggle her finances and realised the interest she owed on all the cards was more than she could afford.
However, Lorraine made the positive step of contacting Invocas Financial. She had been out of work for 5 months but had recently started a managerial role with another company.
We suggested that the solution was to take out a manageable monthly loan, putting all of her debt in the one place, so she had just one payment and one low interest rate.
Lorraine is now well on her way to a simpler, stress-free life without a debt problem.
If you think debt consolidation may help you and your finances, don't put it off any longer. Take the first step to turning your debt around. By answering a few questions, we will advise whether we can help you with a debt solution and arrange a time to contact you to talk through the options so we can tailor a solution to your individual circumstances.