A single father from Santiago del Teide has successfully attained the discharge of €25,400 in debts, thanks to the second chance law. Francisco Santana, who began to face financial issues following the birth of his son, was able to utilise this legal mechanism with assistance from the Canary Islands without debt.
At the time of his son’s arrival, Francisco was working part-time as a mechanic. Initially, he and his ex-partner managed to cope with the financial obligations related to the birth of their child. However, as the child’s requirements escalated rapidly, their income became insufficient.
Mr. Santana received pre-approved credit offers via SMS messages from his own bank, which guaranteed immediate approval without prior assessment. Considering the urgent expenses and the need to address them, he resolved to accept these loans, hoping to secure a better job in the future and become independent from this financial assistance.
Francisco shares that he fell victim to quick loans that ultimately “entangled” his life rather than providing assistance. “You end up paying a significant amount of money that you simply don’t have the means to repay,” he states.
The pursuit of employment yielded no quick results, leading to an accumulation of defaults as the repayments and interest on the loans escalated. By mid-2022, Francisco secured a new role which allowed him to boost his income and begin stabilising his financial standing. However, penalties and interest had significantly risen, resulting in multiple entities demanding immediate repayment of his debts.
Francisco’s predicament was dire. Costs related to his child, such as education, clothing, and food, surged. Furthermore, as a separated parent, he must bear the entirety of his rental expenses without sharing, and although his work situation had seen improvement, he is on a fixed-discontinuous contract, meaning he does not work for three months of the year. This reality hindered his ability to meet his obligations to creditors while also providing for his son’s and his own basic needs.
“The second chance law is incredibly beneficial, particularly for individuals like me, who borrowed money and were unsure how to extricate themselves from the situation,” he concludes.
About Group Debt
Without debt Group is a firm that specialises in the second chance law. Its mission is to assist individuals and self-employed persons facing complex economic circumstances in restructuring their debts and offering them a new opportunity, providing guidance and processing services throughout the entire process.
Since its establishment and commencement of operations in the Canary Islands, through the Canary Islands without debt, it has successfully achieved the cancellation of over €56 million in debts nationwide. With a team of professionals well-versed in this legal process, it continues to expand its services to clients across Spain.
