Jarred is a 44-year-old single parent working as a tradie. His 7-year-old son, Joshua, was diagnosed with leukaemia 12 months ago. Since then, the majority of Jarred’s pay check goes towards medical expenses, with just a small amount left for everyday living expenses and bills.
Due to a downturn in work, Jarred’s income reduced for a period of approximately 3 months. Having to continue making ends meet, Jarred used his credit cards along with a personal loan to help pay his son’s medical expenses and cover some larger bills.
When his credit cards were maxed, the reality of his debt hit hard. Paying almost $1,800 a month in debt repayments wasn’t sustainable, so he was considering Bankruptcy to clear his debts.
After a free consultation with one of our debt specialists, we found the best solution for Jarred was our Debtstroyer Agreement. With Jarred’s permission, we negotiated with his creditors on his behalf and were able to reduce his total debt amount from $74,358 to just $64,800, with a single monthly repayment of $1,080.
Jarred didn’t need to declare bankruptcy. He is now spending less time gambling and more time with his son during this difficult time.
|Creditor||Debt Balance||Debt Repayments|
|CBA – Credit Card||$19,840||$496 / month|
|NAB – Credit Card||$24,157||$604 / month|
|Citibank – Personal Loan||$30,361||$699 / month|
|Total Unsecured Debt||$74,358||$1,799 / month|
|New Debt Repayments||$64,800||$1,080/ month|