Diary of a Debt Advisor: F for Family ~ Debt Managements and Consolidation

I’ve always been a very family-orientated person. I’m still close to my parents and my siblings, and I know how tough it can be to watch one of your relatives struggling.

I think that’s why Matt’s case really meant a lot to me. He was a young, good looking, single guy who seemed to have it all. He had quite a good job and lived in a multi-million pound house. So it came as a bit of a surprise to me when Matt responded to our advertising. We had the first consultation at his house, and I can remember thinking to myself as I pulled up outside his amazing house – ‘what am I going to be able to do to help this guy?’Matt was up-to-date with all of his payments on a couple of loans and some cards, but was really struggling due to the help he was having to give to his family. After talking to him, it emerged that the house he was living in belonged to his parents. His father, who used to be a successful businessman, had unexpectedly had a stroke and was now unable to work. With no income from his father and a large mortgage still to pay off on the house, Matt was struggling to make ends meet. The family had tried to sell, but with the current disappointing market, unfortunately they had no luck.Obviously, further borrowing was just not an option. After talking both with Matt and the rest of his family, we came to the conclusion that entering a debt management plan (DMP) would be the best option. This would reduce Matt’s payments by several hundred pounds a month and allow him to contribute more to his family’s household expenses.What’s more, a couple of months later I was contacted again by the family and ended up providing DMPs for each of his parents and for his younger brother who had recently lost his job.As a result of these plans, we were able to help the whole family by reducing their monthly unsecured debt repayments, which enabled them to retain their house and cover their essential expenses.
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