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Case Study Self Employed Tax Bill Debt

11/8/2017 2:09:38 PM Debt Consolidations, Debt Management Case Study: Self Employed Tax Bill Debt

Mark was self employed as a building Contractor. Unfortunately, Mark had a heart problem and was unable to work for 6 months. Mark spent the money he had put aside for tax during this period and now has a very large Tax bill. The rates and home loan have fallen behind and the credit cards are maxed out. Mark still has an outstanding business loan.  Mark decided to terminate his business and has now obtained full time work and has a regular income again.  Jean has a modest income working part time, but the banks will not consolidate the debts he has, because of the late payment History and the Tax situation. Mark also wanted money to fix the house up a bit.

Fast Debt Help prepared and presented his case to the first of our specialist Lenders. Because of the size and lateness of the Debts they were not prepared to do anything. The valuation on Joes house didn't come to the value we hoped.

So we then resubmitted Joes application to a private equity loan provider. It Looked like there wasn't going to be enough money to consolidate every one of Joes Debts. So we brought our Debt Negotiator in and negotiated with his creditors. We were able to get the Cards, Tax and the outstanding business loan debt lowered enough, so that with the rates, all was consolidated with the Home Loan.

Joe was disappointed that he couldn't get the full amount he was hoping for as he wanted to be able to have some extra money for repairs. However, under the circumstances, the reality is, that this was the only option left to keep the house and consolidate most of the debt.

case study self employed tax bill debt
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