KEEPING THE HOME DESPITE FAMILY DIFFICULTIES

Case study: Newcastle Couple keep the home despite family difficulties

The stakes were high for David and Karen, who were dealing with a child’s ill health and, as a result, extreme financial and emotional stress.

David and Karen were facing a number of difficulties in their life. First, their second child had fallen seriously ill. The family was regularly flying interstate to a Sydney hospital for the best treatment available, leading them to require time off work. Ultimately, the situation began to take a toll on their finances and they were struggling to juggle their mortgage and three overdrawn credit facilities.

Not surprisingly, it was also taking its toll emotionally and Karen developed depression, which led to further time away from work. That’s when their friends referred them to Fast Debt Help.

David and Karen were robbing Peter to pay Paul. Not only were they staring down the barrel of losing their home, but they were battling the very challenging emotional strains of caring for an unwell child and a partner with depression.

In such extreme circumstances, Money Buckets uses a negotiator to help handle the situation. There are costs involved but the saving is considerable. It was imperative that the financial stress on the family was resolved as quickly as possible.

In this situation the collective credit card debt was negotiated down from $48,000 to one payment of $25,000, if the home could be refinanced to payout these debts. It was then arranged for a property valuation to be done and then worked backwards from there.

Money Buckets was also able to refinance David and Karen’s home loan, negotiating far more manageable repayments that avoided them losing their home.

This course of action has not only enabled David and Karen to return to full-time work, but also saved their family home. They were faced with losing their house and their health, but after working together with Money Buckets they were able to turn their lives around.”

David and Karen’s child has recovered and the family is now looking forward to what the future holds.

 

** Names have been changed to protect clients’ privacy. Situation averaged out over several similar cases.

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Money Buckets ™ is a Trademark of Starlight Home Loans T/as Fast Debt Help

ABN: 94 145 613 056

Credit Lic 388809

Established 2010

MFAA membership 319292

Affiliates: Second Step Administration RDAA 1668

The Rite Place Pty Ltd trading as Debtrite