At 29 years old and married, Scott lived in a house that he owned jointly with his wife. Taking advantage of a number of credit cards and loans, he lived significantly beyond his means for a number of years, enjoying 2 holidays a year and owning 2 £14,000 cars.
He realised he had a real debt problem when he had to take out a personal loan to meet the minimum payments on all of his credit card debts. At debts totalling £30,000 and an income of £980 per month, letters and telephone calls from creditors requesting payment were sent but Scott ignored them.
The turning point was when Scott turned 30 and realised that he couldn’t sustain the situation with his creditors. After calling Invocas Financial, we recommended a Protected Trust Deed, which was accepted by his creditors. Scott paid a manageable amount of £230 per month for 3 years, as well as releasing his share of the equity in his home (£5,250) after a period of 24 months. He also sold one of his cars for £3,600 and the total repaid to his creditors was £12,530.
After the 3 years, Scott was debt-free, allowing him to look forward to his future.
Please note, Protected Trust Deeds are only available to residents of Scotland.
If you think a protected trust deed 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.