Debt Agreement Example 1

Bello was in a terrible mess. He had 2 creditors who had already taken him to court and one of them was threatening bankruptcy. He had a house with a mortgage which was the family home. He wanted to keep his home.

He had a Mortgage with his wife. House was worth $585,000.00 and they owed the bank $366,258.00.

He also had Credit Card 1 $18,622.00, Credit Card 2 $1,464.00, Credit Card 3 $21,003.00, Credit Card 4 $5,577.00, Credit Card 5 $22,599.00 and a Telco debt of $4,280.00. Total $73,545.00. 3 of those credit cards had been sold to the Debt Purchasing companies, Credit Corp, Lion Finance and Panthers Finance.

His wife didn’t work and he didn’t earn enough to pay everyone. His son, who still lived at home and works wanted to help save the family home. His son said he could comfortably afford to help his dad with $250.00 per week.

We got Bello’s creditor’s to accept $250.00 a week for 5 years to pay out all that debt. All interest was frozen. All Legal actions were frozen. He saved over $8,000.00 on what he owed and Tens of thousands of dollars in interest. He couldn’t believe this could happen.

Note: your situation may be different and require a different strategy.