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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

LOAN
BALANCE $
INTEREST RATE %
MONTH PAYMENT $
Home Mortgage 320,000 8.5% 2,400
Credit Card 1 20,000 20.00% 600
Credit Card 2 7,500 22.00% 225
Store Card 10,000 27.00% 600
HP agreement (Computer) 3,200 15.00% 160
Personal Loan (Pool) 32,000 14.00% 1,200
Total: 392,700   $5,185

 

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 right for them.

Life After Debt ® 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 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.

Contact us now at Life After Debt® on 1300 237 669 to discuss debt solutions to suit you to reduce your debts 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)