The OverviewAli is single and recently lost his employment. He currently receives a Centrelink benefits and has no other income. Ali has a car worth $9,000. Unfortunately, he has few other assets. He has three credit cards totaling $27,000.
The ProblemAli lost his job 4 months ago and is still trying to find employment with no success. He has accumulated three credit cards totaling $27,000, which are all in arrears. Ali 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 moratorium for a period of 6 months.
The OutcomeAli’s creditors accepted this proposal. In fact, Debtstroyer was able to negotiate with his creditors to freeze interest and charges for the period and then re-assess his financial situation after 6 months. Ali is also happy in knowing he has temporary relief from his credit card repayments and now can focus on getting new employment, stress-free.
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