Case Studies Michael Age 26 from Cardiff - MoneyAdvisor - Here To Help

Case Studies Michael Age 26 from Cardiff

9 Creditors

  • Lowell Portfolio: £11338.00
  • CCJ: £2887.03
  • Hoist Portfolio Holding: £1275.00
  • +6 Other Creditors

Total Debt: £18,758.03

Monthly Payment before IVA: £450

Monthly Payment after IVA: £174

Being single, very young and living with his parents, Michael thought of himself as financially stable with enough money to pay for household expenses as well as luxuries.

Over time, he started to take out loans, overspend and borrow money from people which soon led him into a pile of debt.

Having the pressure of paying his parents monthly for rent, explaining to creditors daily of his situation and not having enough money for daily needs he soon was adamant to reach out for help.

When he approached Money Advisor, Michael’s debts had risen to a large sum of £18758.03 but after encountering us, he is now able to pay off as much as possible whilst being financially and mentally stable.

‘Money Advisor have helped me control my expenses and manage my debt so that I have less worry of affording to pay rent and to pay for my expenses each month without any difficulty. They have been extremely helpful in reassuring me of my circumstance and making sure that I can pay of my debts efficiently.’

‘I have been able to relax more and feel less pressure each day from all my debts all thanks to Money Advisor. The stress of having so much to pay for and so much to pay off has started to decrease and the biggest advantage is that my debts are now being managed, and I am able to see exactly what my income is being spent on.’

‘Money Advisor provided a really good service and helped me understand the financial options I had. I would absolutely recommend approaching Money Advisor if they are struggling on managing their debts.’