Thinking of a free debt management plan?

Matthew is single, aged 27, lives in his solely mortgaged property and works for an engineering company. Over the last 5 years he has subsidised his income of £19,000 per year, with credit cards and overdrafts. He has not purchased luxury cars, been on expensive holidays or built extensions to his home. He currently owes £31,000 to 6 credit cards.

The monthly payments have always been manageable for him, but after injuring his knee, which resulted in a two month period off work, he has fallen behind with repayments. As his employer only paid him bonuses if he was on-site, Matthews income dropped significantly, causing him to fall behind with the repayments to his credit cards. When he was able to return to work, he tried to catch up with repayments, but due to the arrears that had built up, he needed to repay £853.00 to clear the arrears.

This just wasn’t possible and as the months went by, the credit card companies continued to add further interest and charges for exceeding his credit limits. Matthew approached Lightside and after completing his monthly budget, it was clear that he was only able to pay his creditor cards a total of £450.00 each month.

Lightside were able to set up a debt management plan for Matthew, he paid £450.00 each month via standing order just after he had been paid and Lightside were able to get the majority of the interest stopped on the credit cards. He now has a realistic chance of becoming debt-free within 6 years.

Know there is Light after Debt!

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