So if being in debt was a disgrace... I was having a wonderful time accruing it that's for sure...spending money that wasn't mine; too busy enjoying myself to think about the consequences, it was possibly only by sheer luck that I managed to keep things together at work.
Even though I constantly "borrowed from mum" halfway through each and every month it still did not dawn on me the trouble I was in financially and even when I got a decent wage rise after being in my job for 12 months I was still running out of money and going to mum.
You would have thought that by then the ‘penny would have dropped'
I should have thought this one out
"I've got £xxx worth of debt because of my overdraft and credit cards. I had better plan to do something about this before it completely spirals out of control"
But I didn't.
After procuring a loan to pay off my existing credit cards, my spending didn't stop there. I carried on buying "things that I didn't need" and now my salary didn't even touch the sides. Instead it would now be paying off my bank loan which meant that by the end of the month, I was using the credit cards for petrol and using my mum to help me to pay off the minimum payments on the credit cards before my next monthly salary was due.
Soon I met a lovely girl, who had never had a credit card in her life...that is until she met me!
So there we were the two of us with our ‘double incomes' and no kids with us both living at home... if you like love's young dream, ready to fall deeper and deeper in... debt!
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.”