Debt Agreement Example 2

Janice had had a bad run with employment. Through no fault of her own she lost a number of jobs in a row and it caused her finances to fall behind.

She owed $40,925.50 to Personal Loan 1 $14,130.00, Misc debt $990.00, Credit card 1 $6,963.00, Credit Card 2 $4,261.00, Credit Card 2 $4,089.00, ATO $730.00 and Personal Loan 2 $9,762.50. All of them were behind with Debt Collectors hounding.

From the moment she asked us to help we dealt with her creditors. When she explain her expenses we worked out she could comfortably afford $150.00 per week to pay to her debts.

We prepared a Debt Agreement proposal for her creditors to consider which was for $150.00 per week over three years to clear all the debt. That meant she paid $23,400.00 over 3 years to clear over $40,000.00 of debt. The amount she saved on the total total along with the frozen interest saved her tens of thousands of dollars.

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