Success Story No. 1 - Mr & Mrs Simon Peters, Sunderland.

Mr Peters was in quite a panic when he contacted Debts.co.uk. Together with his wife, they had joint unsecured debts of £110,000. Although Mrs Peters had a good job and income, Mr Peters had recently become self-employed and had a very limited income. They had over £80,000 equity in their property but could not repay the monthly amounts to their creditors.

They tried to obtain more credit cards and increase their credit limits on existing ones in order to carry on paying their creditors, but were unable to do so because of their recent credit history.

We advised Mr & Mrs Peters that their best option was to do a re-mortgage for the maximum amount possible and enter into an IVA (Individual Voluntary Arrangement) with their creditors. Within three weeks of contacting Debts.co.uk, we were able to arrange the re-mortgage of their home by introducing them to a specialist broker, which gave them just over £60,000 to pay to their creditors. With this money we were able to set-up a lump-sum payment IVA, which was accepted by all creditors. Mr & Mrs Peters are now completely debt free.

Although they now have a mortgage of £120,000, the interest rate that we obtained for them is much lower than their previous mortgage, and the monthly amount they are paying is much lower than they were previously paying out in an attempt to try to service all of the unsecured debts.

'We are so pleased that we decided to meet with Debts.co.uk and take their advice.' Mr & Mrs Peters.

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