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 % | Monthly 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 |
Australian Financial Solutions Debt Solution
Mr Angeloni contacted Australian Financial Solutions. Following a simple telephone call, an Australian Financial Solutions consultant met with them the very next day and began working on their debt solution.
Australian Financial Solutions provided an independent assessment of the Angeloni's financial position and determined that loan refinancing was right for them. Australian Financial Solutions then helped them to collate the necessary information to seek approval for the new loan on terms that suited their circumstances.
Australian Financial Solutions was able to refer the Angeloni's situation to the appropriate lending source and continued to work with them to achieve their best debt solution.
What this meant for the Angeloni's was that within around 72 hours of the meeting, Australian Financial Solutions were able to provide them with a debt solution, enabling them to reduce their monthly loan repayments from $5,185 to a much more manageable $3,241 per month.
The Australian Financial Solutions debt solution:
- 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 Australian Financial Solutions on 1300 237 669 to discuss the debt solution that best suits 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)