Trevor and Frieda were on good money as Trevor had a great Job in the mines. 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. He has had to sell the house. The loans were in joint names. Trevor is now working back in the city 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 garnishee his wages.
The remaining debts total $150,000 and Trevor will not qualify for a Debt Agreement. To pay his debts and catch up Trevor would have to pay close to $5000 per month in repayments. He does not want to go Bankrupt as he may get an opportunity to go into business soon and will need to run as a company. There is a chance Frieda may come into an inheritance soon.
Fast Debt Help prepared 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 responsibility for the joint loans. Frieda may get an inheritance shortly, the Negotiating Administrator will work to get the best payout figure possible on the loans if this comes about, terminating the Informal arrangement.
Basically speaking, it is an agreement between you a ... read more
3/20/2018 2:02:42 PM
Debt Agreements (also known as Part IX Debt Agreements) is a debt solution suitable for many peop ... read more
3/20/2018 10:33:44 AM
Case Study: When Heart Problems Lead to Tax Problems
John had a small business as a truck driver and courier. ... read more
11/8/2017 2:35:14 PM
Case Study: Saving James Banking Job
James has Credit Card and Personal Debt but works in the banking Industry. If James was to do a P ... read more
11/8/2017 2:31:50 PM
Joint Debts and Partners
Many people come to Fast Debt Help, who have joint debts with a partner.
First and fore ... read more
11/8/2017 2:25:31 PM
Our other sites -
Starlight Home Loans
1800 825 010
PO Box 6100, Kincumber, NSW, 2251
© Copyright 2019 Fast Debt Help - All rights reserved.
NEW SOUTH WALES | Sydney, Central Coast, Newcastle, Wollongong