Let me introduce myself. My name is David. I am twenty-six years old bright and fairly streetwise.
Oh my father is a very high profile manager at a North London Branch of HSBC Bank who has taught me the ways of the world and helped me understand the relevance of the banking fraternity and so by definition I know and understand about finance and interest rates... so how have I ended up being in £85,000 in debt...
Living in an affluent part of London and seeing friends spend more money then they were earning or indeed receiving from their parents made it very easy for me to do the same. It was then that I started borrowing money to fund my lifestyle when I was at the age of 18 that I got in to serious trouble...and debt...You name it, I had to have it and in most cases I did.
Even though I didn't have bills to pay like rent, utilities or food shopping (I was still living at home) I started to find that even with a decent job and wage I would end up being left with "more month at the end of the money" so to speak!
When I got my first credit card a month into my new job, I vowed I would never use it except for emergencies, but soon enough, the world's most fabulous trainers, mobile phones, clothes an expensive watch, shoes, all of this was dangled in front of me and it didn't take me long to start rapidly acquiring "things" at an alarming rate. "I'll pay it back right away" I said and ‘It'll be fine.' I thought...and how wrong was I...now I had an addiction and unlike say heroin, spending I noticed was and is socially acceptable in today's consumer driven world and of course by now I had received my first ‘fix'.
If only I could turn back time because like millions of other naïve teenagers before, and after me, I didn't think about the future, and I didn't know I would get addicted.
But now I was on the road to ruin and there was no way back!
Mrs G from Romford owed Lloyds TSB £2,485.58 and after paying this off by monthly instalments of £3.52 for 14 months itwas settled for £1,500.00.
Mrs R.A. who lives in Ilford owes £7,131.63 to HSBC Bank and a letter from Metropolitan Collections confirmed the arrangement to pay monthly instalments of £34.78.
CapQuest again...a balance of £4,757.24 reduced down to repayments of £4.55 a month on behalf of Mr.N.H. from Potters Bar.
CapQuest Debt Recovery acting for Capital One was chasing Mr. K.F. from North London for £5,183.54. When we were instructed by the client to act we then successfully negotiated this to a reduced instalment plan of £20.98 per month.
We successfully varied a Judgement Order that was in default with Northampton County Court whereby a balance of £837.05 and costs added of £147.00 were due to be paid within 28 days, to instalments of £1.00 a month
Mr O from Dagenham was delighted that we managed to get a very belligerent debt recovery company called NDR to accept a reduced amount of £5.27 a month on a balance of £1,029.09 with a 0% APR until the amount was cleared.
Tesco club card credit card were owed £7,775.27 from a client in Chelmsford and this we successfully negotiated at a reduced monthly payment of £11.76 with interest frozen.
D.T from Liverpool was being hounded by 1st Credit who was acting for MBNA. As soon as they received our financial statement as well as a payment proposal, the offer to pay £10.89 on a balance of 4,386.93 was accepted.
Mr. R owes £9,973.02 to Blair Oliver and Scott Collections and once they acknowledged our proposal sheet, they accepted the payment of £44.63 a month.
Fredrickson International was acting for NatWest when we instructed Mr D. K. and were demanding £11,921.83 from the client. However we reduced this to £41.76 a month with no further interest charged on the account.
Fairfax Solicitors on behalf of Halifax Plc were happy to accept instalments of £49.72 on a debt of £10,675.98 when we acted on behalf of client Mr A.
Mr R.N had been chased by Allied International Collectors after American Express had assigned the case file to them and were chasing a balance of £6,169.16. We got them to agree a reduced payment plan of £11.76 a month.
Mr R.S was finding that Lloyds TSB were taking out the loan instalments on the very day that his salary was going into his account meaning that he didn't have enough money left over until next payday. We managed to reduce the payment to £10.53 a month from £215.85 on a balance of 9,891.82.
HSBC used their own in house collections (Metropolitan Collectors) to send out a pre legal warning letter to Mr and Mrs M. as payments had fallen 3 months behind. A financial statement by us with a payment proposal of £9.21 per month on a balance of £1,102.68 was accepted.
Mr A.O owed NatWest Bank £2,217.36 on a credit card which was reduced by us to £9.80 a month with 0% APR.
Mr N. had missed 6 payments with Barclaycard and late charges and interest were accruing on his account. We made an arrangement to pay the balance of £785.41 on a monthly basis of £10.55 with all interest on the account suspended.
Moorcroft Debt Recovery were about to send one of their ‘field agents' to see MR A who owed Barclaycard £11,910.41. Once they realised WhiteWater Management took the case on they immediately stopped further action until we sent them a financial statement. They then subsequently accepted our pro rata payment on behalf of the client for £30.87 each month.
Black Horse was chasing Mr V.T for £2,225.08 and were about to instigate legal proceedings until we stepped in and negotiated a monthly payment of £82.85 until the balance cleared.
Mrs K.L realised that Capital One Bank had "sold" her account to Cap Quest Recovery who in turn were chasing her for a balance of £10,041.12. When we took over the file on behalf of Mrs K.L we made an agreement to pay a monthly instalment of £13.09.
Mrs S of London has a loan with a balance of £9,643.28 and it was noted by the loan company “we write to confirm that we are prepared to accept £21.90 per month”
Mr K of Cambridge has a Barclaycard with a balance of £6,976.88. We offered to repay this at £8.32 per month and they stated “that the offer is acceptable….we’ll suspend interest charges whilst we’re receiving regular payments”
Mr Smith of Luton had a Lloyds TSB credit card with a balance of £2,203.08 and within 18 months of instruction with WhiteWater Management we managed the following result “we confirm receipt of the partial payment of £328.00 which is accepted in full and final settlement of the above account”
Ms A of London has a credit card with a balance of £2,393.13 and their solicitors took the client to court to claim the outstanding balance. Our legal team managed the following result from the court “To the defendant, you have made an offer of payment which the claimant has accepted….You must pay the claimant by installments of £2.77 per month.”
Miss J of Essex owes £1,914.65 on her Capital One credit card and they agreed “The first payment of £9.06 should be made by 20th November and then by 20th of each month for the next 12 months. Interest and default sums will no longer be added to the account as long as the payment plan is kept.”