Informal Arrangement Debt Help pays debt in 7 Years
Trevor and Frieda were on good money as Trevor had a great job in mining in Victoria. Unfortunately with cutbacks in the industry Trevor was retrenched. Trevor was out of work for a long time and his boat and car were repossessed, and he had to sell the house.
The loans were in joint names. Trevor is now working back in Melbourne city in an office job for less than half what he was on. Frieda is working also. Trevor has also had his personal loans and credit cards go to collection agencies and now they are threatening to garnish his wages.
The debts total $150,000 and so Trevor did not qualify for a Debt Agreement. However to pay his debts and catch up, Trevor would have to pay close to $5,000 per month in repayments. He does not want to go bankrupt as he may get a chance to go into business and he will need to run it as a company. Some good news was that there was a chance that Frieda may come into an inheritance soon.
Fast Debt Help Melbourne prepared him for an Informal Arrangement and put the Debts with our Negotiating Administrator. The repayments were set out over a 7 year period at $495 per week which was the maximum Trevor and Frieda could afford. This includes Frieda's responsibility for the joint loans. If Frieda receives the inheritance shortly, the Negotiating Administrator will work to get the best payout figure possible on the loans thereby terminating the Informal arrangement.
For more information about Informal Arrangements, please visit our Solutions page Informal Arrangements.
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