Steve built up over 130 000 dollars in debt from a personal loan and credit cards associated with a business that had since gone under. On his current income there was no way he could repay the debt, but if he went bankrupt he would lose the family home, be restricted in travelling overseas, be limited in what he could earn in future and lose his car. It would have been a devastating ouctome but Steve could see no alternative.
Thankfully, Steve contacted us first to talk through his situation. We explained his alternative options and eventually Steve decided to enter an interest free debt arrangement with his creditors. We organized with his creditors for Steve to repay less than half of his original debt over four years, consolidate his debt payments into one, thereby clearing the debt entirely. Steve couldn’t believe that such arrangements existed and that they were regulated by the Commonwealth Government. Thankfully he made that first call to us and he’s now able to afford his debt repayments, keep his property and avoid many of the penalties that would have applied had he gone bankrupt.
NB: Personal assets are treated in varying ways under Commonwealth Government Debt arrangements, depending on your personal circumstances. It’s important to call us, so we can offer accurate advice relating to your situation.
