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Clearing 40K Credit Card Debt

The following article describes a typical scenario, where the team at trufe. have been able to help our clients. We have changed the names and combined common feedback that we receive from our customers when discussing their situation to outline how we can help customers looking to consolidate their debts and better manage their money.

How couple Simon & Amy cleared £40K in credit card debts and paid off their mortgage early.

When Simon initially approached trufe. he and his wife Amy only had two years to run on their interest only mortgage, the house was worth £150,000 with an outstanding £50,000 to settle with Nationwide.

Over the years the couple had built up some big debts on credit cards and with Amy openly admitting making ends meet had been really difficult while the kids were growing up.

“We’ve only been paying interest only, it’s been around £170 a month for the mortgage, now we are getting near the end of the term I don’t really know how we are going to pay off the balance especially as we’ve got a couple of other loans to pay as well” said Amy.

Their financial situation:

  • Property value £150k
  • Outstanding mortgage £50k interest only costing £167 per month.
  • Mortgage due to end in 26 months’ time.
  • Credit card and unsecured loan debts totalling £39,540 costing them £842 per month.
  • Total expenditure for mortgage and unsecured debts over £1000 per month.

After an initial consultation with trufe. Amy & Simon had an honest solution within 3 weeks and had reduced their monthly outgoings by over £200.

Debt Consolidation with Additional Borrowing

Having discussed the options with our experienced team, the couple agreed a second charge secured loan against their home totalling £90,000 with a 15-year term at a rate of 8%, this meant that their outgoings each month reduced from over £1000 to £809 per month.

They had cleared their credit card debts, had a finish date for their mortgage as well as a loan that would consolidate everything and now had piece of mind.

Simon said, “I really am grateful to the guys at trufe. for really listening to our situation, they could not have been more helpful and it was all sorted straight away.

I can’t recommend them highly enough; we weren’t in a great place financially and we were getting more and more worried every day.”

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trufe. is a trading name of Green FS Ltd (FRN 833558) which is an appointed representative of HL Partnership Limited, who are authorised and regulated by The Financial Conduct Authority.

The Financial Conduct Authority does not regulate commercial lending, secured or unsecured loans and some forms of Buy to Lets. Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.

Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. ​

Green FS Ltd is registered in England and Wales with company number 11605501. Registered office address is trufe. The Leeming Building, Ludgate Hill, Leeds. LS2 7HZ.

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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