Victor is 63, and unfortunately has medical complications which have left him with no prospect 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 is worth $250,000 with no mortgage. He has few other assets.
He has unsecured debts of $22,000.
Victor has had numerous medical expenses and has maxed out three credit cards totalling $22,000, which are all in arrears. Victor is unable to meet the minimum repayments whilst paying for his daily living expenses.
Our Positive Solution
Debt Rescue discussed all of the available solutions with Victor to solve his debt problem. Debt Rescue recommended an informal debt agreement to Victor, as his best option. Debt Rescue referred him to Debtstroyer, who are also part of the Lanyana Financial Group.
Debtstroyer worked with Victor’s 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 were able to put forward a Debtstroyer Agreement proposal of $60 per week over 3 years to his creditors to repay his debts in full.
Victor’s creditors accepted this proposal. In fact, Debtstroyer were 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 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.