. . . when Debt Free Direct first explained it to me. My debts had started when I got married for the second time. We wanted a perfect wedding - a fresh start after years of difficulties. I took out a loan of £15,000 to pay for the wedding and honeymoon. I had some general credit card debts already, but I had a good salary and there didn't seem to be a problem. However, it did seem like sensible financial planning to take out a consolidation loan to reduce my payments so I borrowed £30,000.
Payments were manageable, but the following year my wife and I made the decision to start IVF treatment so that we could have a baby together. I took out additional loans of £12,000 to cover the cost of the treatments. Then the company I worked for was taken over and my monthly bonus stopped, substantially reducing my income.
I tried consolidation loans and transferring my credit card balances to lower interest rate cards, but the substantial cut in my monthly income meant I was seriously overcommitted financially and unable to maintain even my minimum monthly payments. I was also falling increasingly behind on my maintenance payments for my children from my first marriage.
Debt Free Direct turned things around more quickly than I could believe. When they explained how IVAs work I was so relieved. They talked me through the whole process then organised an IVA with my creditors who have stopped chasing me and agreed to lowered payments . My creditors have written off my remaining debts, I haven't had to find any fees and I'm finally paying what I can afford. The best thing of all is that I can look forward to being debt free in 5 years.
