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CASE STUDIES

Kate, 31

Freelance teacher Kate, 31, had always been able to live on a relatively low income (around £28,000 per annum) for London by managing her weekly budget and university debt repayments wisely.

In the tax year 2012-13, Kate’s employer had used the wrong tax code, which meant she had underpaid HMRC’s levy due to no fault of her own. This simple, but highly problematic mistake resulted in her income being cut, as the monies owed were subsequently taken out of her income in 2016-17.

Unfortunately, at the time, Kate’s teaching work had also dried up, so a monthly loan repayment of £250 became impossible to achieve on top of trying to live well. After taking out two credit cards, an increasingly worried Kate soon racked up over £14,000 worth of debt.

The torment of stress and insomnia led Kate to become introverted and disheartened with her career, as she couldn’t have a social life or afford any educational development training. Eventually, she decided to ask for external help.

Initially, Kate was not aware that debt companies to help her existed, but after an internet search, she found some solace in the services offered by Creditfix.

However, even though Kate is currently making smaller, more manageable repayments, she feels that high street banks should act with greater responsibility with the options and advice they give for consolidating debt.

“Instead of simply offering out further loans, I would like to see banks and building societies equipping people with informative financial knowledge, especially regarding the importance of savings. I haven’t been able to save any money, and I truly believe that is why I’m in this situation.”

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