Case Study - Debt Agreement

Bronte and Philip are a couple with reasonable incomes.  They enjoy the usual things in life and over the years they have taken on a number of debt commitments including two credit cards, a store purchase card and a personal loan that they used for an overseas holiday.  

On a couple of occasions they had been offered an increase in their credit card limit which they accepted, and they now find that somehow they have used the cards up to the increased limit.  They are really struggling with their monthly commitments and they are currently behind in repayments.  The interest on the credit cards makes them feel like they will never get ahead. 

Bronte and Philip have started receiving warnings from creditors all the time.  A few have said that they have listed defaults against their credit ratings. 

Bronte and Philip: Overview of current position:
 

Loan

Balance $

Monthly Payment $

Credit Card #1

7,500

150

Credit Card #2

10,000

600

Store Purchase Card

9,000

230

Personal Loan

800

45
     
 

$27,300

$1,025

AFS Debt Solution

Bronte and Philip contacted Australian Financial Solutions.  Following a simple telephone call, an AFS consultant met with them the same day and began working with them on their debt solution. 

Within around 24 hours of their meeting, AFS had assessed their financial position and explained all of the available alternatives for them.  With advice from AFS Bronte and Philip determined that a debt agreement was the best debt solution for them. 

AFS assisted Bronte and Philip in preparing the debt agreement proposals, arranged for them to be lodged and they were approved by their creditors.  

Bronte and Philip's monthly repayments have now been reduced to a manageable $650 per month, interest on the debts is frozen, and after 3 years they will be released from all of those debts.  They are no longer being pressured by their creditors. 

The AFS debt solution : 

  • Bronte and Philip reduced their payments by $375 per month.
  • They now have one single monthly payment to make.
  • Avoided the prospect of bankruptcy.

Contact us now at AFS on 1300 237 669 to discuss the debt solution that best suits you and take the next step on the path to your financial freedom. 

(this case study is an example only and is not an account of an actual case)