When things go pear-shaped, all is not lost

“I received a referral from a client to see if we could help her friend who had recently got divorced.

“She and her ex husband had agreed that the husband and daughter would stay in the family home while the wife would move into a bedsit, in the short term, until the house was sold.

“However, with the state of the housing market, the sale price was to be considerably lower than they expected. They agreed to wait until there was an upturn in the market even if this was to take a couple of years.

“To make matters worse, the husband also lost his job, leaving the ex wife with over £15,000 worth of unsecured debts which they had incurred on credit cards and loans.

“Although the wife was working she was not well paid and took an extra evening job to increase her income. Even then she struggled to meet the monthly repayments of over £700.

“I met with the ex wife and carried out an assessment of her financial position. The outcome was we were able to open new bank account for her, and put her into a debt management plan that would reduce her monthly payments to £120 per month. This will allow her to get control her finances.

“When the house is sold we will negotiate full and final settlements with her creditors and she will be debt free and a satisfied client.”

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