Case studies
The best way to understand what we do is to read about some of the people we have already helped. All of the following case studies are real life examples – obviously we have made minor changes to details such as names to make sure that confidentiality is maintained.
Mrs D
Mr D was formerly a self-employed roofer. As a result of an error by his former accountants he suffered substantial self-assessment tax liabilities. The Inland Revenue were commencing legal action.
Mr D owed £201,000 to the Inland Revenue and £19,000 to other unsecured debts.
Mr D’s assets included half share of the equity of £25,000, a motor vehicle and could afford monthly contributions of £200.
Mr D signed a TD. He raised the monies for his half share of the house by re-mortgaging and agreed to pay a contribution of £200 per month for a period of three years. Mr D’s partner will purchase his interest in the motor vehicle prior to the conclusion of the TD (valued as at the end of the TD). The TD became successfully protected.
Mr F
Mr F had a substantial level of debts as a result of a divorce and owed £20,874. His assets included a motor vehicle (not subject to hire purchase).
Mr F signed a TD and agreed to pay a monthly contribution of £200 for three years from his monthly income. The motor vehicle will be dealt with prior to the conclusion of the TD (value as at that date).
Mr & Mrs W
Mr & Mrs W has a substantial level of debt created over a long period of time. This included debts of £89,821 for Mr W and £51,772 for Mrs W. They joined owned a heritable property.
Both Mr & Mrs W signed Trust Deeds. Prior to signing the TD, Mr & Mrs W arranged a re-mortgage to cover the equity in the property. These funds were placed in the TD. The TD became protected and closure of the cases six months after the start of the TD.