The OverviewVictor is an elderly person (aged 63) with medical complications, with no prospects of returning to work. He currently receives a Centrelink Disability Pension and a small Insurance payment ($26,000 per year). Victor has a Car worth $5,000 and his home worth $250,000 with no mortgage. Unfortunately, he has few other assets. He has unsecured debts of $22,000.
The ProblemVictor had has numerous medical expenses and accumulated three Credit Cards totalling $22,000, which are all in arrears. Victor is unable to meet the minimum repayments and pay for daily living expenses.
Our Positive SolutionDebtstroyer worked with his creditors to negotiate a fair and reasonable repayment plan based on how much he had leftover to pay his Debts. Based on his Budget, it was agreed Victor could afford $60 per week towards his Debts. Debtstroyer was able to put forward a Debtstroyer Agreement Proposal of $60 per week over 3 years to his Creditors to repay his Debts in full.
The OutcomeVictor’s Creditors accepted this proposal. In fact, Debtstroyer was able to negotiate with his Creditors to write-off all future interest and charges and even reduce the Principal Debt by over 50%. Victor is also happy in knowing he can afford to make his debt repayments whilst being able to afford to live and will not be forced to sell his home to pay his debts.
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