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The OverviewJames and Sally are a young family with one child. James is currently employed, earning $46,000 a year. Sally is not currently working and receives $6,000 in Centrelink benefits. James has two credit cards totaling $16,000 and a personal loan of $8,000, which are all in arrears. The minimum repayments are $250 per week. Sally has no debt. They have a car worth $10,000 and a car loan of $13,000. Unfortunately, they have few other assets.
The ProblemFinancial difficulties arose due to James having an injury preventing him from working for 4 months. During this time, James and Sally were living off their credit cards. James has since returned to work, however they are still struggling to meet their minimum repayments on all of their debts and pay for daily living expenses.
Our Positive SolutionJames and Sally contacted Debt Rescue. Debt Rescue worked with them to determine what their income, living expenses and car repayments were and how much they had leftover to pay their remaining debts. Based on their budget, it was agreed James and Sally could afford $120 per week towards their remaining debts. Debt Rescue was able to put forward a Debt Agreement Proposal for James of $119 per week over 4 years to his creditors to repay his debts.
The OutcomeJames’ Creditors voted in favour of the proposal. Now James and Sally have a clear budget and can afford to make their debt repayments whilst being able to provide for their young family. James is happy in knowing they will be saving $131 each week and he will have his credit cards and personal loan paid at the end of 4 years.
Debt Rescue has helped thousands of Australians out of Debt Problems.
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