Debt Consolidation Info Australia » Case Studies

Finding Hope Again

Michael — Fri, 31 Oct 2008 07:12:21 +0000

Renee ran her own business and lived in a tight knit regional community. Because of her compassionate nature she offered generous financial support to family members in need. One after the other, Renee helped out close relatives until she ended up with a staggering $160 000 in personal debt, coupled with her own home loan. Eventually the debts caught up with her and she found herself overwhelmed with fortnightly repayments she simply could not afford. She also suffered from medical problems and struggled to pay for expensive medication. Renee saw no way out and seriously considered suicide because of the never ending stress and sense of hopelessness she felt.

Thankfully, Renee called Debt Mediators before things got any worse. From the moment she first spoke to our consultant, Renee says she felt an incredible sense of relief. We took the time to understand her situation, reassure Renee that things did not have to continue as they were and set up a repayment arrangement that was affordable for her and acceptable to her creditors. Renee will now be debt free within 4 years and will repay only a portion of her debt. She now has a bright future to look forward to and credits Debt Mediators with quite literally saving her life.

Credit Card Stress

Michael — Wed, 10 Sep 2008 04:25:56 +0000

Tim’s relationship came apart 3 years ago. As the main income earner, the credit cards were in his name and he was left to pay all of the debt after the split. Setting up a new life wasn’t cheap either. He had to use his credit cards to buy brand new furniture and put down a bond on a new rental property. He also didn’t update Centrelink about his change in living circumstances and was billed for overpayment of the Family Tax benefit. He’d now amassed numerous large debts and was unable to meet the minimum repayments demanded by his creditors.

We arranged for Tim to consolidate his debt repayments into one repayment of $140 per week, spread over 4 years (a weekly reduction of $50 per week). The calls from Centrelink and his various credit card companies stopped and Tim now had far more in his pocket each week to save and pay for other life essentials. After clearing the debt, he’ll also have a great savings habit in place and be able to build up a sizeable deposit for a new home.

Get your free phone consultation now by calling Debt Consolidation Info Australia on 1300 679 402 or fill in our Contact Form and we will be in touch within 24 hours.

Associates of Debt Consolidation Info

Employment Problems

Michael — Wed, 10 Sep 2008 04:23:31 +0000

Janine had over $20 000 debt from 3 credit cards, which was barely manageable when she was working at her old job. Unfortunately, she’d been made redundant and had to take a new job earning $150 per week less. She soon found herself unable to meet the minimum repayments on her credit cards and began to fall behind. Debt collectors from her bank were soon calling on a daily basis and she found herself feeling stressed and unsure of what to do. She was worried that the bank would send her bankrupt.

We organized for Janine to enter a debt agreement which brought down her weekly repayments from the $330 minimum demanded by her lenders to $280 per week. And unlike the minimum repayments, which would have kept her locked in a repayment trap lasting many years, under the new arrangement she will be completely debt free in 2 years.

Get your free phone consultation now by calling Debt Consolidation Info Australia on 1300 679 402 or fill in our Contact Form and we will be in touch within 24 hours.

Interest Rate Stress

Michael — Wed, 10 Sep 2008 04:19:31 +0000

12 successive interest rate rises left Rachel and Steve wondering what they did wrong! Buying a home was meant to be the key to taking care of their family but the last couple of years things seem to have been getting worse. Since they first took out the mortgage the repayments have gone up $154 per week!!! They’ve had to use their credit cards for emergencies as they came up (the engine blowing up, the hot water system dying etc). Now they’ve let the credit cards fall behind so they could pay the mortgage. There were a lot of sleepless nights, the debt collectors wouldn’t stop calling and they didn’t know what they were going to do. Rachel and Steve applied to refinance their mortgage but were rejected due to defaults on their credit history.

We helped Rachel and Steve to consolidate their debt repayments with a Debt Agreement. After looking at their situation, their Consultant identified that they could repay $141.00 per week after their mortgage and taking care of their family. Debt Mediators put together an agreement with all of their unsecured creditors over 3 years, under which they repay about $2000 less then they owe and it’s interest free!!! The knowledge that their credit cards are taken care of and they are three years away from only having their mortgage to pay has given them their peace of mind back.

Get your free phone consultation now by calling Debt Consolidation Info Australia on 1300 679 402 or fill in our Contact Form and we will be in touch within 24 hours.

Crippling Home Loan Repayments

Michael — Tue, 09 Sep 2008 05:35:49 +0000

Peter was working as a Science Teacher for 20 years. While it didn’t offer an enormous salary, together with his wife Susan’s part time wage it was enough to put their 2 kids through school and cover the mortgage repayments. Together they’d paid off a large amount of their home loan.

Unfortunately, Peter suddenly fell ill. After his sick leave ran out, he had to use credit cards to pay the home loan, help the kids at Uni and cover the cost of living. After 8 months he recovered but was left with $35, 000 in crippling credit card debt. After the mortgage and the bills he had to catch up on, he still had to pay more than $700 per month on his credit cards just to cover the minimum payments.

We organized a Mortgage Refinance for Peter and Susan. This allowed them to consolidate their Credit Card Debt into the mortgage and reduce their total repayments by $700 per month! The reduction in repayments allowed Susan and Peter to keep their home and stop the harassment from their credit companies. They are now able to meet their repayments and feel much more confident about the future.

Get your free phone consultation now by calling Debt Consolidation Info Australia on 1300 679 402 or fill in our Contact Form and we will be in touch within 24 hours.

Business Collapse

Michael — Tue, 09 Sep 2008 05:33:51 +0000

Mark left his job as a fitter and turner to start his own business 4 years ago. He started out with 1 courier van in the inner city. Business was going well and after 2 years he was getting more business than he could handle. Family life was going well too and he was making enough to send his son to a private school. He therefore decided to expand. He bought 3 other vans and hired 3 staff to drive the vans as well as himself. Suddenly however, some problems arose: contracts began to fall over, interest rates rose, his staff turnover increased and things began to get very tight.

Mark had to fire all of his staff to cut costs and began working 60 hours a week as a courier and doing night shifts as a cleaner to try to make the payments on the van. 2 years later his health is suffering and he hasn’t seen his son in what feels like forever. His cleaning work has dried up, the payments on the vans have fallen behind and all he can now think about are his financial woes.

Our experienced staff were there to help. Given the size of his debt and the fact that he had next to no income, Mark soon decided that a bankruptcy was the best solution for him. We worked through his financial situation and helped him realize exactly what was entailed in a bankruptcy, given his particular circumstances. We also handled all the legal work needed to get him approved as a bankrupt and took the stress out of the process for him. Mark was able to keep his first van and is now back to working 40hrs per week. Life is back to normal and he even manages his son’s AFL team on Saturdays!

Get your free phone consultation now by calling Debt Consolidation Info Australia on 1300 679 402 or fill in our Contact Form and we will be in touch within 24 hours.