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Case Study Saving James Banking Job

11/8/2017 2:31:50 PM Informal Arrangement 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 Part IX Debt Agreement his  employment may be terminated as he works in a credit sensitive part of the bank. However his debts have got out of control. He had a car accident in his wife's car, who hadn't paid the insurance. Now he has a major Insurance claim against him and the budget is already tight.

James owes

Owed on Monthly payment
$22,000 on credit cards.  $660 per month
38,000 on a Car Loan $1600 per month
16,000 Insurance claim  Full payment being demanded $16,000

James also has a new mortgage to pay at  $3200 per month plus rates and maintenance costs.

He has very little equity in the Home

His wife works and their Joint Income is $7960 per month. She also has her own small credit card Debt and they have two children to support.

Fast Debt Help prepared a budget for James and Jean and put the Credit Cards and the Insurance claim with our Negotiating Administrator. We were able to negotiate a deal where most of the interest was frozen and  the payments  on Credit Cards and the Insurance claim added up to $770 per week in total. The Budget is still tight, but everything is now manageable and less stressful.

There was nothing put on James Credit File

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