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CASE STUDIES

Jenny, 38

Jenny, a full time social worker, found herself struggling with £12,000 of debt.

Though she always knew to prioritise the bigger bills such as rent and council tax, Jenny’s monthly wage seemed to be entirely swallowed by her monthly repayments.

As such, she started borrowing more and more on credit cards to repay her bills – but this vicious cycle soon caught up with her.

“My pay wasn’t great while working in social care with homeless teenagers, so I began spending more on credit cards. These bills gradually crept up, compounded by having to spend on them for car repairs as well, each time, transferring the total to a new credit card as I needed a better deal. The total kept soaring higher and higher, to the point where it wasn’t affordable.”

In an already stressful and low-paid career, Jenny wrestled with increasingly unmanageable finances for nearly 18 months before realising she needed to seek help.

“For a long time, it was like I was borrowing from Peter to pay Paul. I could never get on top of my repayments, and I began feeling more under pressure, always stressed about my money, and worrying about how I’d stay afloat.”

After the shock of sitting down to calculate how much she actually owed to creditors, Jenny approached Money Advice Service, who put her in touch with Creditfix.

“The service was really good and they really helped me understand the financial options I had. I would certainly recommend Creditfix to anyone who needs a bit of support.

“Initially it was difficult to help my money go further, not only due to a general lack of education about budgeting, but also the pressure on people to buy things that they don’t always need but are made to feel they have to have. With the combination of consumerism plus working all hours on little pay, you feel that you should be able to ‘treat’ yourself, go on holidays and so on, when the reality is that the wages aren’t actually enough to do so.

“With an IVA, I am now able to budget so much better. I’m not relying on credit anymore – but I wish we’d had better financial education in schools. Money skills are far more useful than Pythagoras’s Theory!”

 

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