A couple were left panicked after finding themselves being hounded by debt collectors – but just six months later they had paid off their £4,000 debt after discovering life-changing help.
Gardener Martin Richardson, 52, and his wife Emma, 50, from Stockton in the North East managed to rack up the debt in just a matter of weeks when the cost of living crisis hit them XX WHEN?
The couple had never been in debt before.
But when the cost of food went up, they could barely afford essential items and soon they found they couldn’t keep on top of their energy and telecoms bills or credit card debts.
Before they knew it, the stressed-out pair were being hassled for almost £4,000 by debt collectors, leaving them feeling overwhelmed and “as if they had lost control”.
“The cost-of-living crisis took its toll and we found ourselves in a really stressful situation that we’d never been in before,” Martin said.
Desperate for help, he came across MoneyPlus while searching for professional support on his computer.
He was finding it very hard to face up to the debt, or to open up and talk about it at the time.
Both Martin and Emma say they had bottled up the pressures they were feeling and could only talk to each other about the dent.
“The debts themselves were the biggest challenge to face.
“We were overcome with debt and it was a situation that felt like it was out of control,” they told The Sun.
The initial guidance and advice is from MoneyPlus free.
If customers then choose to move onto a debt management solution, there is a fee, which is capped for each customer on an individual basis, with the average customer paying around £41 a month for their services.
Martin said MoneyPlus helped them weigh up their options and find a solution – they decided to go with a Debt Relief Order (DRO).
A DRO allows people with less than £50,000 of debts to stop paying them back, usually for one year, after which point they may be wiped if their circumstances haven’t improved.
You must apply for a DRO through an approved debt adviser and must usually be on a low income with few assets.
The couple were supported with their application and put onto a debt repayment plan, and were quickly on track to becoming debt-free.
“We had support from MoneyPlus over a period of six to seven months and they’ve been absolutely fantastic, they helped us to apply for a Debt Relief Order (DRO) and to become debt free,” Martin said.
Martin now thinks there should be more limits and much better guidelines in place to stop individuals and households from getting into problem debt.
He believes every company in the debt ecosystem should have its own code of practice and follow strict guidelines on debt issues.
“I think there should be limits to how people get themselves into debt. There should be much better guidelines, and every company should have its own guidelines on debt issues,” he said.
And the couple say anyone struggling should reach out for help and if they were to ever face the same problem again, they would be a lot more outspoken about discussing their problem debt.
They added that they wouldn’t want anybody else to go through the stress they experienced, but for those who are struggling, they advised them to look for a company that is is fully regulated and can offer the most suitable advice.
“We found MoneyPlus in many ways by pure luck as we saw an advert online. Just make sure whoever you turn to is fully regulated and can offer the advice and guidance that you need,” Martin said.
“The stress levels we went through were horrendous and I wouldn’t want anyone else to go through that.
“We won’t get into that situation again, but if it were to happen, we would be more outspoken. I would recommend debt advice to anybody – it’s been a Godsend.”
If you are struggling with debt you can also phone National Debtline, an independent debt advice charity for free advice.
Help and information is completely free for everyone. You can call them on 0808 808 4000.
There are several groups which can help you with your problem debts for free.
You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.
Speak to one of these organisations – don’t be tempted to use a claims management firm.
They say they can write off lots of your debt in return for a large upfront fee.
But there are other options where you don’t need to pay.
