After borrowing money for home improvements and a new car, Tom’s credit card and loan repayments were quite high. He had always managed to cover them but then he lost his job. Although he managed to find a new job quickly, it was at a significantly lower salary than he had previously been earning. Tom subsequently missed a couple of months’ repayments and letters from his creditors chasing payment started arriving on the doormat. The worry over how he was going to pay this back was really getting to him and it was the only thing he could think about.
Solution
Tom rang and spoke to one of our debt specialists who asked him to complete an income/expenditure form. When Tom sent that back, the debt specialist looked into his outgoings and helped him work out how much he could afford to pay back. They then contacted each of Tom’s creditors on his behalf and requested that they consider freezing the interest on his loan and credit cards and reduce his payment amounts.
Outcome
Thanks to WPO, the creditors all agreed to freeze the interest on his credit cards and loans and his payments are now reduced to a level which is affordable and where he no longer needs to worry.
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