Despite thousands of people experiencing debt problems, it seems someone still has £8m to spend on a car. It wasn’t even a new one!
As many of us are struggling to juggle our finances and get out of debt, elsewhere the sale of a vintage car has set a new record for the most expensive car ever sold at auction.
With the average household debt now standing at £58,350, the money used for this purchase could have been put towards giving 137 people relief from their financial problems.
For people with more limited means, repaying outstanding balances can be made simpler by seeking impartial debt advice. If you are struggling to maintain current credit commitments, debt help organisations – such as The Debt People, Chiltern and Hamilton Locke – can gather multiple repayments into one single monthly payment.
Repayments are then rescheduled over a longer period of time to make them more affordable, which makes repaying loans, overdrafts and credit card debts simpler and more manageable.
Debt help organisations can offer free debt and IVA advice, and can also suggest a number of professional debt solutions to help your situation.
These solutions include Debt Management Plans (DMPs), Individual Voluntary Arrangements (IVAs) and Trust Deeds, amongst others.
Debt management is a flexible solution which puts you back in control of your finances. Payments towards all of your outstanding unsecured balances are joined together, based on how much you can afford. Debt management is a flexible arrangement too, as payments can be altered to suit your changing financial circumstances.
An IVA is similar to debt management but is repaid over a fixed period of time. IVAs could see all remaining outstanding unsecured balances written-off after the IVA term (usually within five years).
The hammer went down on the 1957 Ferrari 250 Testa Rossa for £7.2m, however the 10% buyer’s premium pushed it into world record territory. Unsurprisingly, the new owner wished to remain anonymous.
For further information on a range of solutions, or for immediate debt advice, please call the number at the top of this page. The debt and IVA advice you will receive is free.
