Debt Consolidation & Loan Refinancing
Mr & Mrs Angeloni purchased their family home with a mortgage approximately 12 months ago, however the value of their property has not increased significantly in this time. Their other financial commitments include two credit cards, a store card, a loan for a home computer and a personal loan for a swimming pool.
Mr Angeloni fell ill for a long period of time which was not covered by insurance. Mrs Angeloni is a dedicated home maker, raising their three children, but not bringing an additional wage into the household. They found they were not coping with their commitments having exhausted their savings to maintain debt repayments.
These turn of events made it all but impossible for the Angeloni’s to meet the repayments on their various financial commitments and they started to receive legal notices from their creditors demanding payment immediately.
Mr & Mrs Angeloni: Overview of current position
INTEREST RATE %
MONTH PAYMENT $
|Credit Card 1||20,000||20.00%||600|
|Credit Card 2||7,500||22.00%||225|
|HP agreement (Computer)||3,200||15.00%||160|
|Personal Loan (Pool)||32,000||14.00%||1,200|
Life After Debt ® Assessment
Mr Angeloni contacted Life After Debt ®. Following a simple telephone call, one of our debt analysts assessed their debt solution.
Life After Debt ® provided an independent assessment of the Angeloni’s financial position and determined that loan refinancing was likely to be right for them.
As Life After Debt ® do not lend money nor act as a broker they referred the Angeloni’s to an external lending specialist to seek a new loan on non-conforming terms that suited them.
Thanks to Life After Debt ® the Angeloni’s were connected to an independent and experienced finance broker who assisted them as follows:
- The Angeloni’s save $1,944 per month in repayments.
- They paid all of their debt in full; bankruptcy was not a consideration.
- They now have one easy loan repayment per month.
(this case study is an example only and is not an account of an actual case)