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Niall's Case Study
Niall is self employed market trader aged 39. Five years ago Niall's marriage broke down and he became divorced and moved to rented accommodation. His wife and 2 young children remained in the home.
Niall has since found a new wife and had a baby. He was left with a lot of credit card debts and loans from his first marriage, which were under control at the time as both he and his wife were working at the time.
When Niall left the marital home he had to find new accommodation for himself and he also had to provide financial support for his children to his first wife.
Due strain in his personal life and also unforeseen circumstances Naills's income also reduced as he was not able trade for as long as he would have wished.
Increase in interest rates, combined with the reduction in working hours and a new baby, combined with debts from his previous marriage resulted in Niall experiencing an unmanageable financial situation. In addition to his debts, Niall had neglected to complete his tax return and settle his tax bill.
Niall is able to work full-time and wanted to continue to keep his market stalls. He accepted his responsibility to pay his debts, but could not see a way of doing so.
We helped Niall set up an arrangement with all of his creditors, including the Inland Revenue.
An arrangement has been agreed with the creditors whereby Niall is paying one single monthly payment, over 60 months. We have reduced his overall debts by almost 60%, and he will be completely debt free in five years.
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