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Diary of a Debt Advisor
- C for Charity
- P for Pensioners
- D for Divorce
- W for Weddings
- P for Planning
- F for Family
- P for Pressure
- E for Equity
- H for Housing
- R for Relationships
- B for Buy-to-let
- I for Income
- R for Retirement
- S for Shame
- I for Illness
- B for Bust
- C for Criticism
- M for Mental health
- H for Hormones
- R for Remortgage
- D for Director
- T for Travel
- B for Banks
- H for Humour
- A for Articulate
- M for Medicine
- C for Care
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In Profile with...
- Dave Collier of CA Tax Solutions
- Nicki Stewart of Money Return Ltd
- Peter Welch of Bridgewater Equity Release
- Justin Rees of LeadPoint UK
- Gerri Riddiough of Financial Bliss
- Stephen Brown of Classic Mortgages
- Sue Forrest at 1st Stop Debt Solutions
- John Fairhurst of Payplan
- Ross Walker of EuroDebt
- Neil Cronshaw of Varden Nuttall
- Bev Budsworth of The Debt Advisor
- Hayley Newton of Ashley Park Debt Solutions
- Ian Woodley of Now Financial
- Barry Mitchell of Recro Debt Management Services
- Aftab Zahoor of Debt-Simple Limited
- Mark Fawcett of Release Money Group
- David Rankin of Harrington Brooks
- Nick Pearson of Paymex Group
- Andrew Smith of ClearDebt Group
- Lee Healey of IncomeMAX
- Daniel Walker of The Debt Professionals
- Anthony Sharp of Anthony Sharp Associates
- Michael Fitch of Fairpoint Group Plc
- Charles Greed of In Control Debt Solutions Ltd
- Melanie Taylor of DEMSA
- Emma Bryn-Jones of Zero-credit Limited
- Stephen Robertson of Metis Partners
- Rehan Ahmed of Kingsland Business Recovery
- Kevin Still of the Association of Professional Debt Solutions Intermediaries
- Melanie Giles of Association of Professional Debt Solutions Intermediaries
- The Round Up
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Features
- Will enquiry find a case for fee-paying DMCs?
- Charging Orders - Threat or security?
- Are back book buy-outs the future?
- Bailiffs 'Exposure' - The aftermath
- New proposals: a stepping stone for bankrupts
- Debt and depression - a holistic approach
- Full and Final Settlements - a win-win solution?
- Repossession - a threat to overcome?
- Debt Relief Orders - the new bankruptcy?
- County Court Judgments - how can DMCs assist?
- Sale and rent back regulation - protecting the vulnerable
- The debt showdown - IVAs vs Trust Deeds
- Payday lenders cashing in on credit crunch
- Clever money management - the key to tackling debt
- The debt-trimental impact of friends and family borrowing
- IFAs speak out over impending RDR
- DMT delves into the world of insolvency
- Paydayloan companies: Case study from the Debt Advisor
- The secret to making debt leads work
- Top 10 money-saving apps
- Is the finance industry responsible for the nation’s debts?
- Dundee-based brokerage wins Business of the Year award for debt solutions
- FSA facing a difficult year ahead
- One advisor, two debt management referrals and over £600 commission
- Serious Fraud Office – Costing less but more effective?
- Former mortgage packager tells of transition to award winning debt advisor
- EuroDebt and mortgageforce partnership goes from strength to strength
- Paydayloan companies: Case study from the Debt Advisor
- From investment banker to debt advisor: EuroDebt welcomes new franchisee
- Family debt advice business scoops Franchisee of the Year award
- In The Spotlight...Jenni Slader, EuroDebt Franchisee
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D for Divorce
After years in the debt management industry I thought it was finally time to lift the lid on some of the most interesting cases of my career. Every week I will reveal an exclusive insight into the people behind the debts and how I managed to help them....
We all know how detrimental divorce can be, emotionally and physically. But how many of us really realise the impact it can have on our finances?
A few months ago, I had a client, Joe, whose wife had run off with his best friend leaving him behind without any money and with a mountain of debt. Joe was a builder, 6ft 3, tattoos all over his body and at least 18 stone. His wife looked after the books for his business, and also had control of the joint finances.
One day he came home from work to discover that, not only had she left him for his best friend, she had also bought two plane tickets to Spain using his credit card and had not paid the mortgage for two months.
As a further blow, Joe was made redundant as a result of the recession - forcing him to rely on irregular agency work.
The situation was so dire that when Joe came to see me, he admitted he had even been contemplating suicide.
Three hours later we had been through all of his outstanding bills and sorted out a solution. I helped him get his creditors’ payments reduced by more than 50 per cent and managed to negotiate the freezing of the interest and charges.
Ultimately, Joe managed to get his life back on track and sort out his debts.
Joe wasn’t my only recent divorce case. Only last week I had a client referred to me by an IFA as a result of a marital split.
Rob had an income of £3,800 per month, but due to the failure of his marriage and £78,439 of unsecured debts his finances were in a serious state.
Rob was paying £550 in maintenance to his wife each month, on top of the £2,361 he owed to his creditors.
The pressure was getting too much for him – he had no prospect of a raise at work and didn’t feel able to borrow money from family, so he was paying off his credit card debt with other credit cards – causing him to reach their limits.
After consultation with Rob, I created a manageable Debt Management Plan for him with an affordable monthly single payment of £799. Not only did Rob feel better, but the introducing IFA made £785 commission.
