John & Mary Ann's StoryOne of the most satisfying things in this business is when we have just helped someone get their debts sorted out. This is an occasional series on clients that we have helped. Names and some of the details have been changed to preserved client privacy. We are proud of the results that we can achieve and the genuine help we have given to our clients.
I recently turned up to work and sitting on my desk was a very nice bottle of red wine, a Penfolds Bin 2 Shiraz. A very nice drop. Attached was a short note:
"Peter, Thanks for all of your help. Mary Ann and I now have our lives back thanks to you and your team. John."
We had just finalised an informal arrangement with John and Mary Ann's creditors that saved them from bankruptcy and doing a formal agreement. Here's their story.
John & Mary Ann
John was a sales representative and on the road much of the time. Mary Ann had been a book-keeper until they had the first of their three children and then decided to stay at home while they were young.
Around five years ago Mary Ann contracted a rare, progressive and debilitating form of cancer. As the disease progressed Mary Ann became more and more incapacitated and reliant upon John's support.
Cash reserves were quickly exhausted and hollow logs tapped out as they struggled with additional medical expenses, care and John's time off work. Mary Ann's super was drawn down under hardship provisions as possible treatments were pursued but to no avail.
They became reliant upon credit cards and personal loans. Quickly their debts blew out to unmanageable levels. Fees, penalties and high interest rates added to their burden.
By the time we first spoke, John and Mary Ann's combined unsecured debts were over $110,000 and they had tried everything they could think of. They had tried and failed to refinance, consolidate their loans and get new finance. Debt collectors were calling constantly.
First we got all of their debts put on hold while we assessed John and Mary Ann's financial position and debts. We got medical reports on Mary Ann's condition and prognosis.
Next we negotiated a debt waiver with Mary Ann's unsecured creditors.
The unsecured debts in Mary Ann's name were waived in their entirety.
At the same time we negotiated an informal arrangement with John's unsecured creditors. His debts have been discounted and he makes a single payment of $530 per fortnight to our administration company until the balance is paid out. All dealings with his creditors are done by our administration company. Interest, fees and charges are frozen. John's savings equal around $1,100 per month.
John is no longer being harassed by creditors. He makes a single payment that he can afford and his debts will be paid out. Initial straight up savings were over $30,000. The arrangements are informal meaning that there has been no formal act of bankruptcy.
John and Mary Ann and their children now have security and certainty with their finances John now has time to devote to caring for Mary Ann instead of doing battle with his creditors. Mary Ann is still ill, but one major burden in their lives has been removed.
Sometimes bad things happen to good people. It's good to know that there are solutions to your debts.
It's people's stories that matter to us. Your debt may be $10,000 or $500,000. We have a solution to suit your situation.
There are many, many more stories. A phone call is all it takes.
PO Box 651, Terrey Hills NSW 2084
Tel: 1300 738 188 | Email: firstname.lastname@example.org | www.debtterminator.com.au