A female resident of Arrecife has had more than €46,000 of debt cancelled after falling into severe financial hardship following the death of her father during the Covid pandemic.
Ana María Duque was left as the sole carer for her mother and soon found herself drowning in debt.
With her monthly repayments far outweighing her income, she said, “I was earning €1,300 and paying out €2,000. I was completely overwhelmed. I had no life and no money left.”
With no financial cushion and mounting pressure, she turned to banks and lenders for help, but the high interest on the loans only made her situation worse. Years of failed attempts to refinance led her to learn about Spain’s Ley de Segunda Oportunidad, or Second Chance Law, which gives people in extreme debt a legal pathway to cancel what they owe.
“It sounded like the only real way out,” Ana María said.
She contacted Canarias Sin Deuda, an association that specialises in helping people navigate the law, and with their guidance, she was able to start the legal process and ultimately walk away debt-free.
“The team was incredible. They answered all my questions, were always available, and made everything clear,” she said.
Now debt-free, Ana María says the change has been life-altering. “I finally feel free,” she said. “If anyone is going through something similar, I’d recommend they look into this. Living with that kind of pressure is not living.”
