B for Banks

I saw my clients Mr and Mrs Fuller last Friday for an annual review. I had helped them enter a Debt Management Plan a year previously and was meeting up with them to see how they were getting on. When I saw them a year ago Mrs Fuller was in a terrible state. She had actually attempted suicide because of the debt they were faced with, which totalled £65,000. She had badly injured her legs and spine as a result of the suicide attempt.

Last year, I arranged their DMP, which significantly reduced their outgoings and stopped the continual contact with creditors which had been driving her to such severe depression. I recapped with them last week and they confirmed that they were both absolutely delighted by the outcome of the debt plan which now allowed them to manage their finances properly.

Part of their debt problems arose from the fact that they owed £44,000 on an old overdraft with a well-known bank. We managed to negotiate with the bank and offered £1,500 to clear the debt, which was accepted. The amount this saved the Fullers was incredible. I have to admit to being quite surprised the bank accepted such a nominal sum, but it just goes to show that, even for banks, the prospect of getting something small now rather than risk ending up with nothing is often the better option.