When my friend’s father who was a Managing Director was retrenched by the company, he could not find another high-paying job with similar perks. He had exhausted almost most of his savings to pay for their daily expenses and for my friend’s university fees. My friend has 5 other school-going and college-going siblings. They were very used to living a luxury lifestyle and could not adjust to life with the bare minimum and continued to spend lavishly. My friend’s father then took a personal loan from a bank to cover their expenses. Soon, his credit cards were all maxed out and he did not have sufficient money to repay the banks. Consequently, the banks soon shot out legal letters to him demanding payment. When he could not settle his debts months later, legal proceedings to declare him a bankrupt was underway. My friend and his family were traumatized as they knew the implications of being a bankrupt and they did not want the whole world to know that he is a bankrupt.
My friend’s father then sought debt advice from a company that provides debt help. He was given the option of choosing between IVA and bankruptcy. My friend’s father chosed IVA and signed a contract to repay his debts to his creditors over a period of 5 years. He has since found new employment and is slowly and steadily repaying his debts. My friend and his family were also forced to lead a simpler lifestyle with no luxuries. It was a real expensive and painful lesson for my friend’s father. With sites like DebtFreeDirect.co.uk, a leading provider of free and impartial debt advice, many people are now able to solve their financial problems and start life afresh.
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