Lanzarote couple cleared of €90,000 debt
A couple from Lanzarote have finally been freed from debts of more than €90,000 after a court in Arrecife granted them full cancellation under Spain’s Second Chance Law. The ruling was issued on 25th September and ends more than ten years of financial and emotional hardship.
The case involves a self-employed man who ran his own business for many years. He explained that his problems began around 2009 when the economic crisis hit and his income dropped sharply. “We took out a credit line to keep the business going, but when that ended, we had to take another loan to cover it. Then we started falling behind with rent and suppliers, and in the end, we had to close,” he said.
In an effort to recover, the couple decided to re-mortgage their family home, hoping things would improve, but they never did. “We kept paying what we could with credit cards and small loans, but every month it got worse. All our money went on repayments,” he recalled.
Their debts included money owed to major banks and lenders such as Banco Santander, BBVA, Cofidis, Pepper Assets Services and Wizink Bank. They had also been living apart for five years, with the wife now in Bolivia, which made the situation even harder to manage.
Eventually, the man sought help from the Asociación Ayuda al Endeudamiento, an organisation that supports people who can no longer cope with their debts. With the help of lawyer José Domínguez, they started the process through Spain’s Second Chance Law, which allows people in good faith to have their debts wiped clean when repayment is impossible.
“This law gives people a real opportunity to rebuild their lives,” said Domínguez. “Debt isn’t just about money; it affects mental health, family life and self-esteem. The Second Chance Law helps restore hope and dignity.”
Now, he has turned his life around. He has a stable job, manages his finances carefully, and most importantly, has peace of mind again. “I can finally sleep at night,” he said. “It’s not just about money, it’s about getting your life back.”
The Asociación Ayuda al Endeudamiento wants to remind people that the Second Chance Law is a legal right available to anyone acting in good faith who can no longer pay their debts. Cases like this show that even when everything seems lost, there is always a way forward.
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