Get Back In Control Of The Debt

This story is for illustration only. Characters and events are not real.

John had been struggling for some time now with having a couple of credit cards to repay as well as the rest of life’s bills such as the utilities, rent and food shopping.  Things had been this way for nearly a year and it had started to affect his mental health and was pushing John near to breaking. He knew something had to change but didn’t know what he was going to do to get back in control of the debt.

It started approximately a year ago. John set off for work in his van when the engine made a loud grinding noise and then ground to a halt. Luckily John hadn’t got far so was able to push it back down his road to the house. He knew a little about engines so popped the bonnet to see if it was something obvious, but sadly it wasn’t something easily repaired at home.

John was a building site supervisor and lived with his long term girlfriend Anna. On this occasion Anna was at home and was therefore able to run John in to work but ordinarily Anna would be at work already and unable to give John a lift. John knew he would need to do something to remedy the situation and fast.

John rang his local garage and booked the van in for repairs and then had to wait to hear the cost of the work. Things were already a little financially stretched but generally Anna and John were managing their finances OK at the time. John wasn’t happy when he got the estimate of the repair work as it involved a full engine rebuild and was upwards of £1,500. John had one option and that was to put it on the credit card and pay it off over the following 3 or 4 months.

John got the van back repaired and running well and so life continued for the next few weeks. That was until John sustained a back injury one evening whilst at home. It was so bad that he had to have the next 4 weeks off work. Sadly, as a building supervisor John was only eligible to statutory sick pay during that time. This of course put even more pressure on the couple’s already strained personal finances.   

John had to delay the rent for the first time in his life in order to make the monthly credit card repayment and also had to start juggling a few of the other bills in order to make ends meet. The couple decided to start using a second credit card to make a few bill payments with thinking this would help them but all that did was add to the growing list of creditors they needed to pay back.

This situation continued that way for the next few months. John was back at work but the time he had off had hurt the couple financially. They couldn’t seem to catch up. They ended up just paying the interest on the credit cards for a few months to see if that would help but sadly not.

The constant worrying about whether they were going to be able to financially survive the month was affecting the couple’s relationship and it was at that point that they decided there had to be something else they could do.

Anna had been speaking to a friend about the situation they were in when her friend suggested something called a guarantor loan. Anna had seen various adverts for loans on the TV but never having needed a loan before she hadn’t paid much attention to them, so later that evening Anna started looking online and came across pages of loan providers. She found so many that she wasn’t sure which one to start with, so she then started checking the reviews of the first few that came up. After spending nearly three hours going back and forth, checking reviews and feedback to see who they would feel comfortable getting in touch with Anna finally made a decision.

Anna spoke to John who didn’t feel comfortable about it to start with but after a long chat and weighing up the options he eventually agreed that they should contact George Banco. They went online and filled in the online application form.

They heard back the very next day and found out that they could get a loan to cover all the outstanding debt and leave them with one affordable monthly repayment. They were eligible for a guarantor loan and would therefore have to find a guarantor to back them in their application.

John made a few calls and after a chat with Adam, his best mate of twenty years, Adam happily stepped up and said yes. John and Anna went through everything with Adam to ensure that Adam knew what he was signing up for and later that day Adam completed his part of the application. George Banco consider each application on its merits and always have to check that all applicant and, guarantor circumstances meet their responsible lending criteria, especially with regard to affordability of the proposed loan.

It took 48 hours from that point for George banco to assess the application and speak with the applicant and guarantor. Once the loan was approved the funds were transferred into Adam’s account ready to transfer to John and Anna. John immediately paid off the credit cards and outstanding bills and the couple were able to relax for the first time in just under a year. They were able to focus on making just one easy affordable repayment instead of juggling multiple debts and even had money left over to start making some savings. It wasn’t much but it was better than they had been able to do for some time.

If you recognise this situation and want to get control of the debt in your life then perhaps it might be worth filling in the online application form and getting a quote to see if you could end up making one affordable monthly repayment, and get back in control of the debt.