Debt Management Plan Case Study

Michelle from Dundee is 21 years old and lived in rented property.

Michelle worked as a receptionist and was paid £11,000 per year.

Unfortunately, the company she worked for went into liquidation and she was faced with redundancy and the prospect of finding another job.

This concerned Michelle because she had already put new furniture for her flat onto one of her credit cards and now had to use them to pay the rent as well as her other costs including petrol and food.

When Michelle eventually found another job four months later, her debt problem had escalated – the total amount of money she now owed over 5 different credit cards was £6,000.

The Solution

Michelle felt that her debt was unmanageable and decided to call Turn Debt Around. After talking through her financial situation, we advised Michelle to pay back the money she owed to the credit card companies through a debt management plan.

Now Michelle pays a manageable agreed sum of £230 every month and this is distributed to Michelle’s creditors on her behalf. The solution has removed all pressure from her creditors and Michelle will be debt-free from the debts included in her debt management plan in just over 2 years.

Are you in a similar situation?

Complete our online enquiry form, and we will arrange a time to contact you to go through your finances and talk through your options.

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