Case Studies

Ms A - Single mum

Ms A was introduced to us from another local church. She was just breaking even each month although had some concerns with not being able to bring down the debts she owed. We focussed first on preparing a detailed budget, then we looked at her entitlement to Tax Credits and finally we focussed on identifying areas of her spending that she could reduce.

The discipline of a budget was welcomed and over the next few months we were able to home in on areas of her spend that she could reduce. She became well versed in using the Internet to her advantage and we helped her towards reducing her gas and electricity bills by almost £200 per annum, earning over £100 from “Cash Back” websites and various other smaller savings.

Ms P is now more confident with handling her own financial affairs and is more savvy when it comes to dealing with companies and the products they try and sell her. She is more focussed on “needs” based buying rather than “wants” based impulse buying.

Mr and Mrs B – Married couple with two children

Mr and Mrs B were looking to downsize and release some of the equity in their property in order to reduce the mortgage and a large personal loan. Unfortunately, in the current economic climate it was not possible to sell the property so they instead pursued a remortgage option.

We again started by preparing a budget and driving the discipline of reducing every item of expenditure where possible. Given their circumstances we helped explain some of the consequences of remortgaging their property and provided a useful sounding board for testing the conversations they were having with their mortgage broker. We also explained the importance of comparing the APR on mortgages rather than the actual repayment amounts.

With their financial position now a little more certain and good discipline being maintained with their spending, they are now in a position to put away a small amount of money in to an ISA.

Mr C and Ms D – young couple

Mr C and Ms D were saving up for their wedding although were struggling to stretch their income to meet their costs. Failing to keep up with the rent forced them to find cheaper alternative accommodation which we helped them to get through. Helping them learn good budgeting techniques, assisting them with new job applications and helping them to get some unfair bank charges written off has put them back on track. They are now saving more than they are spending and on their way to being able to pay for their wedding next year.

Mr E

Mr E had a serious health problem and was forced to leave his job. He later recovered but found it difficult to obtain new employment and was out of work for more than six months. He had already cut his spending down to the bare minimum although his Job Seekers Allowance was not enough to cover his outgoings. There was little other financial advice we could provide so our time was mainly spent providing emotional support. We assisted with his numerous job applications and eventually he found new employment and his finances are in better shape.