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A Debt Settlement Arrangement Helped This Couple Reduce Their Debt

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A Debt Settlement Arrangement Helped This Couple Reduce Their Debt

Michelle and Paul are struggling to pay their two loans and three credit cards every month because their income has been dramatically reduced.

They have 2 young children and are finding it very difficult to pay all their bills because Paul’s hours were cut at work last year.

He now only works 3 days a week and is struggling to find work for the other days. Paul works in construction and a lot of his work has now dried up.

Michelle works part time but their combined income is not enough to cover their rent, bills, credit card and loan repayments.

Their creditors are adding interest and charges to their debts. They keep phoning them and are sending debt collection letters every week asking them to make payments they cannot afford.

Michelle and Paul know they need financial help so they speak with a Personal Insolvency Practitioner about their debt problems and the Personal Insolvency Practitioner offers them free debt advice.

The Personal Insolvency Practitioner sits down with Michelle and Paul and and goes through all their income and expenditure details, afterwards he recommends a Debt Settlement Arrangement as the best debt settlement solution to help them become debt free.

Their Personal Insolvency Practitioner applies for a Protective certificate first of all which gives Paul and Michelle protection from creditor legal proceedings while they are applying for a Debt Settlement Arrangement. This gives the Personal Insolvency Practitioner time to get all their paperwork together so he can make a proposal to their creditors.

A few weeks later the Personal Insolvency Practitioner calls a creditor meeting and Paul and Michelle’s creditors agree to the proposal put forward by their Personal Insolvency Practitioner.

Their Debt Settlement Arrangement has been approved and they will now only have to pay their debt back for 5 years. Under this arrangement 53% of their debt will be written off and their debt repayments reduced down also.

They won’t receive any more letters and calls from their creditors and will not have to worry about unmanageable debt any longer. Their Personal Insolvency Practitioner will administer their Debt Settlement Arrangement for them until their debts are paid off.

An Example of Michelle and Paul’s Debt Settlement Arrangement

(This is an example of how a Debt Settlement Arrangement can help someone who is insolvent, the monthly payment and the amount of debt written off in each debt settlement arrangement varies for every insolvent person/family as everyone’s circumstances are different, this case study is just an example and will give you an idea of how a debt settlement arrangement can help someone struggling with unmanageable debt)

A Debt Settlement Arrangement is a formal agreement between you and your creditors where you repay a percentage of your debt and your creditors agree to write off any outstanding debt.

If you are struggling to pay your unsecured debts such as credit cards, loans and overdrafts then a Debt Settlement Arrangement could be the right solution to help your clear your debts with affordable payments.

A Debt Settlement Arrangement is an agreed settlement of your unsecured debts (credit cards, loans and overdrafts) with affordable payments over a period of 5 years. When a Debt Settlement Arrangement is successfully completed you will be fully discharged of the debt included in the arrangement and will be solvent again. You must contact a Personal Insolvency Practitioner to apply for a Debt Settlement Arrangement

If you would like Free Confidential Debt Advice then let us arrange a FREE phone call with an Independent Debt Advisor or Personal Insolvency Practitioner.

If you are struggling to pay to your mortgage, credit cards or loans please don’t worry as there is now financial help available. We can arrange a Free appointment for you with an Independent Debt Advisor or Personal Insolvency Practitioner who will able to see if you are eligible for a debt solution, just give us a call on 01 4434125 today.

Rory McGonnell

Founder of Bright Day Finance

Personal finance expert and blogger who has an interest in money saving ideas.

Liz G. from Wexford

“Since I found Bright Day Finance my life has become less stressful, no longer am I dreading the end of the month and worrying about where I am going to find the money to pay back my debts.

Rory gave me some very sound advice and has taken over handling them for me. I cannot praise Rory or his team enough, they came up with a suitable and affordable payment plan for me, now my creditors are happy and so am I. Thank you Bright Day Finance”

Mary L. from Tipperary

“My name is Mary I joined bright day finance in march 2012, I was after getting myself in to huge debt and I could not see how I was going to get myself out of this. I contacted bright day finance and it was the best move I ever made.

Bright day set up a debt reduction plan for me and I can now sleep at night not having to worry about the banks or debt collectors calling to my door. Bright day finance provide an excellent service and I will be recommending them to my friends and family who are also struggling in these hard times.”

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