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Case Study Mining Boom To Financial Trouble

11/8/2017 2:22:47 PM Informal Arrangement Case Study: Mining Boom to Financial Trouble

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.

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