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Interview by Chris
Wrenshall, Chief Adviser, with one of our younger clients, Kieran Newall.
Kieran is a 21 year old lad from Sale
in Manchester
who got himself into all sorts of financial trouble because credit is so easy
and tempting for young people today.
Kieran came to us after considering all the options
such as debt
management and bankruptcy
and kindly offered to share his story with you in the hope that it would
help other people who are in similar circumstances.
Just click play to see what Kieran has to say
about us and how his IVA has turned his life around.
Don't leave it too late to get your life back on track, call us now.
Here's the number: 0800 088 7503
(use a landline - it's free)
| Transcript of Kieran Newells interview |
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Chris Wrenshall: Hi Kieran, nice to see you again.
Kieran Newell: Hi Chris.
Chris Wrenshall: You're a young man Kieran, and you are in an IVA because you had serious financial troubles, would you like to tell me a bit about you situation, and what prompted you to come to see me in the first place and to find out what options you had.
Kieran Newell: Yes, I'm 21, and really my main problem was how much debt I'd run up at such a young age, and I came to yourself because I was struggling with the stress of all the debt companies ringing me. You explained a lot to me about the IVA, because I didn't really know anything, I was quite worried about going into one. Then you left it upto me to make my mind up as to what I wanted to do.
Chris Wrenshall: Well, you are quite right, you need to look at these things carefully. Were you aware of your other options and happy in the way they were explained to you?
Kieran Newell: Yes I was. There was bankruptcy or a debt management programme. One seemed to last forever, which was the debt management plan, and bankruptcy is really a final option if you ask me. It was something I had to consider, but the IVA was my preferred option, I'm in it now and it's going well.
Chris Wrenshall: You are obviously in a position to afford the payments that you are making. What was it that caused you to get into trouble in the first place?
Kieran Newell: It was a bit of trouble from a young age really, I bought myself a car and it all stemmed from there. It soon mounts up and you realise you can get credit from anywhere.
Chris Wrenshall: And going forward, is there anything that has changed since you went into your IVA?
Kieran Newell: Well, almost my whole life. I've got a new job and I'm a lot more stress free really. I don't have companies harassing me all the time, and now I have all my payments under one roof, so that's good.
Chris Wrenshall: So how much are you paying each month?
Kieran Newell: £350 now, but before that I was paying, well trying to pay over £1,000 per month.
Chris Wrenshall: Which you were obviously finding difficult.
Kieran Newell: Yes, well impossible really.
Chris Wrenshall: And the fact that you are paying £350 means that you have money left over to pay for your essential costs.
Kieran Newell: Yes, that's right.
Chris Wrenshall: Do you find that you are able to budget your life?
Kieran Newell: Yes, in every way I'm better off.
Chris Wrenshall: One of the questions I'm often asked is how will I manage with just the essentials and paying the creditors this reduced amount? Do you find you have enough money to be able to live your life as well, or do you find that you have to be frugal?
Kieran Newell: No, I can live my life now. In fact, I wasn't living much of a life before. I was going out, but I wasn't able to spend more than £2 or £3 pounds on a night out.
Chris Wrenshall: So it looks like an IVA was the right solution for you, and I hope that you manage to go through the 5 years and complete it. Then you can set off again.
Kieran Newell: Yes, that's right, 5 years and hopefully I'll be in a situation were I'll be able to get a mortgage and things.
Chris Wrenshall: Well you'll be still young enough to make a clean start, you'll only be 25 or 26 then anyway, wont you?
Kieran Newell: That's right, definitely.
Chris Wrenshall: So, can you give me any reasons why you came to myIVA-Adviser.com?
Kieran Newell: Well I really knew I was in trouble, and even though it seem like a bad option to take, you've got to do something about it.
Chris Wrenshall: Absolutely. Often we find the biggest problem for people in a similar situation to you is for them to admit to themselves that they have a problem, once they have admitted it, they really have gone most of the distance, it's then just a technical process of explaining what's what and setting the IVA up.
Kieran Newell: Yes, that's right.
Chris Wrenshall: Well, it was great to talk to you again, Kieran. I hope everything stays on track and that you continue to go forward with strength, but don't forget, if you have got any problems, you can call me.
Kieran Newell: Thanks Chris.
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