skip to Main Content
1800 00 3328

The Overview

James and Sally are recently married, with one child. James is currently employed, earning $76,000 a year. Sally is currently working part-time and receives $6,000 a year.

James has three credit cards totalling $36,000 and a personal loan of $18,000, which are all in arrears. The minimum repayments are $550 per week. Sally has no debt. They have a car worth $30,000 and a car loan of $13,000. Unfortunately, they have few other assets.

The Problem

Financial difficulties arose due to James having an injury preventing him from working for 4 months. During this time, James and Sally were living off their credit cards.

James has since returned to work however, they are still struggling to meet their minimum repayments on all of their debts and pay for daily living expenses.

Our Positive Solution

James and Sally contacted Debt Rescue. Debt Rescue worked with them to determine what their income, living expenses and car repayments were and how much they had leftover to pay their remaining debts.

Based on their budget, it was agreed James and Sally could afford $240 per week towards their remaining debts.

Debt Rescue was able to put forward a Debt Agreement proposal for James of $214 per week over 5 years to his creditors to repay his debts.

The Outcome

James’ creditors voted in favour of the proposal. Now James and Sally have a clear budget and can afford to make their debt repayments whilst being able to provide for their young family.

James is happy in knowing they will be saving $336 each week and he will have his credit cards and personal loan paid at the end of 5 years.

Debt Rescue has helped thousands of Australians out of Debt Problems.

If you would like one of our caring team to help you out of Debt contact Debt Rescue on 1800 00 3328 or fill out our simple enquiry form.

Back To Top