Overview

Shirley Simmons is a 51-year-old mother, working full-time as a personal assistant. A few months ago, Shirley went through a bad break up with her husband of 12 years.

Although they were married, the house she lives in is only in Shirley’s name, along with a number of personal loans that they were both contributing to paying down while they were together. Shirley is also supporting her son financially as he is studying overseas.

With her ex-husband moving out and refusing to communicate with her, she was left to repay the debts all by herself. On one income alone, she struggled to meet her repayments and living expenses and was worried she wouldn’t be able to support her son any longer.

With interest rates at a record low, she tried to apply for a home loan refinance through one of the big 4 banks without success, which damaged her credit score even more.

Shirley gave us a call and spoke to one of our debt specialists. With the help of our negotiation team, we were able to significantly reduce Shirley’s unsecured debt amounts before consolidating the remaining debts into a new home loan with a lower interest rate and monthly repayment.

CreditorDebt BalanceDebt Repayments
CBA – Home Loan$316,817$2,311 / month
NAB – Personal Loan$15,039$522 / month
Citibank – Personal Loan$11,361$327 / month
ING – Personal Loan$18,555$554 / month
Total Debt$361,772$3,714 / month
New Debt Repayment$334,799$1,550 / month

How We Helped