Real Case Studies On How We Have Helped
We have detailed a number of different case studies that cover the full scope of why people can get into debt trouble, and what we have done to assist them to get out of it.
The RC Family had accumulated $100,000 worth of unsecured debt and had fallen behind in their mortgage repayments. An eviction notice was issued. This was the result of ongoing medical costs along with modifications made to the home to cater for one of their 3 children who was mentally and physically challenged.
Mr K is a 63 year old self employed client diagnosed with Prostate Cancer. He had surgery and months of treatment which triggered the loss of all his clients. Once fully recovered, he found full time employment however during his recovery period, Mr K used up his life savings and accumulated over $78,000 in credit card debt.
Mr & Mrs H had invested in a hospitality business that was mismanaged by one of their partners and eventually became insolvent. Mr & Mrs H had poured their life savings into this business as well as accumulating substantial personal debt with credit cards and loans.
Mr N is a jeweller whose business was suffering due to cash flow issues. Part of that problem was $45,000 in credit cards. Mr N refinanced this home and used the equity to payout his credit cards. Unfortunately, he was a little short so CDS negotiated a reduction in payouts for the credit cards saving the client $17,500.
Mr K is a 71 year old retiree. He and his wife have no assets and live with their son and daughter in law. Mr K had a significant fall 2 years ago and as a result has been diagnosed with a Neurodegenerative disorder. Mr K was referred to us carrying $139,000.00 in credit card debt.
Mr M owned and operated an Earthmoving business which ceased trading as a result of his marriage breakdown. With over $114,500 worth of personal debt, no assets and currently living off Centrelink payments his accountant was about to lodge his Debtor’s Petition to become bankrupt when Choice Debt Solutions services were referred.
Change in income
Choice Debt Solutions was introduced to a client who was being issued with a Bankruptcy Notice. He had a total of $30,000 in unsecured debts plus Council Arrears. This was all the result of a period of unemployment. Now in full time employment, he was finding it difficult to get on top of his debt so he did what most of our clients do, and refinanced his house to use the equity.
CDS successfully negotiated $80,000 of debt down to $33,000 saving the client $47,000! That’s a 60% saving!
Mr & Mrs F came to CDS with the Sheriff at their door ready to change the locks on their family home. This was the result of several work injuries sustained by Mr F impacting on his ability to earn an income for over 12 months.