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1800 00 3328

The Overview

Teresa is a single parent with 2 school children. She is currently a licensed Real Estate Agent working a full-time commission basis and receives on average $72,000 per year after tax.

She has a car worth $25,000 which is under finance, a family home worth $600,000 and a mortgage of $560,000. Unfortunately, she has few other assets. She has unsecured debts of $102,000.

The Problem

Teresa has recently had a few lean months with lower commissions coming in which has resulted in her accumulated unsecured debt of $102,000, which are all in arrears and have been for some time.

These debts together with the mortgage are now unmanageable and even if commissions increased there would be little likelihood of her being able to meet the minimum repayments and pay for daily living expenses.

Teresa did not want to affect her credit file or enter into Bankruptcy which would affect her employment.

Our Positive Solution

Debt Rescue worked with Teresa’s creditors to negotiate a fair and reasonable repayment plan based on how much she had leftover to pay her debts after her mortgage repayments.

Based on her budget, it was agreed she could afford $670 per fortnight towards her remaining debts.

Debt Rescue was able to put forward a Debtstroyer Agreement proposal of $670 per fortnight over 7 years to her creditors to repay her debts in full.

The Outcome

Teresa’s creditors accepted this proposal. In fact, Debt Rescue was able to negotiate with her creditors to write-off all future interest and charges and consolidate all debt payments into one simple repayment.

Teresa is also happy in knowing her credit file will not be destroyed and she will not be forced to leave her employment.

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.

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