CASE STUDY – Getting back in control
Jeremy and Alison bought their first home 3 years ago. They bought land and built. It was nearly finished when the money ran out. So in 2014 they got a personal loan and a few credit cards to fund the last $60,000 in landscaping, decks, driveway etc. A couple of the cards were maxed out over their limit and the repayments started to get hard to handle. Their home loan got a bit behind as well. Late last year they entered into a debt agreement through an administrator to consolidate some of the debts. They didn't realise the problem until it got pretty big on them.
In the past few months they have changed their habits and their repayments are more in control. Jeremy also got a higher paying job recently. Shane and I met them a few weeks ago. Shane researched options for them which we discussed, and I met Jeremy and Alison to talk about strategies and options. We have now refinanced all of the debts (and also set aside another $20,000 towards next years wedding). Also, their new repayments are $1,000 a month less than they were paying. AND we have done it with a lender who will reward 6 months and 12 months clean repayments with a rate reduction....
This loan settled May 2016. Jeremy and Alison are VERY happy. They have learned their lesson, and we've established new habits in how they view and transact money. Helping them has been an amazing positive experience. Bad things happen to good people, and it's great to help them work through tough times.
(MARTIN NOTE - These case studies are a series on this page - my actual customers, client names and numbers changed, scenarios are real, any photos are not. Don't take this note as advice for your own situation call me if you want more info.