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Case Studies - Brett and Jane

Brett and Jane purchased a house to live in with their beautiful family of 5. They both worked full time and for a while, things were easy.

As the years went on, Brett and Jane accumulated $80,000 in unsecured debts and the repayments began to take their toll. They found they were struggling to pay their mortgage, unsecured debts and everyday living expenses and fell into arrears on all their debts.

Their house was valued at $580,000 and they had paid their mortgage down to $400,000 so they decided to approach their bank and attempt to consolidate $80,000 of unsecured debt into their mortgage through a refinance. Unfortunately, their application was declined due to having too much unsecured debt.

They approached Positive Solutions Finance to find a solution. Positive Solutions Finance worked with Brett and Jane to determine a reasonable budget which allowed them to cover their mortgage and debt repayments and still afford their everyday living costs.

Positive Solutions Finance then negotiated with each of Brett and Jane’s unsecured creditors to accept a combined lump sum amount of $50,000 in satisfaction of their total unsecured debts of $80,000. Brett and Jane’s creditors accepted the agreement.

Having reduced the debt amount by $30,000 Positive Solutions Finance were then able to offer Brett and Jane a mortgage refinance of $450,000. Brett and Jane were left repaying one loan with significantly reduced weekly repayments, which allowed them to cover their other living expenses.

Closeup portrait of a lovely mature couple standing together

Jake and Elise have two children aged 1 and 3. Jake is a Department Manager earning $55,000 a year and Elise was a stay at home mum who received Family Tax Benefit, she has recently started casual work paying $200 a week.

Jake and Elise struggled to make ends meet after Elise stopped full-time work to care for their two young children so they started using credit cards to supplement up their income. Before they knew it, they had maxed out 2 cards, one of which was sold to a debt collection agency who issued them a default notice.

With their council land and water rates falling behind and money tight Elise decided to take some casual work, but despite this, the pair were unable to meet the minimum repayments on their credit cards as well as afford regular living expenses.

After considering all their options they decided to try to refinance their home loan but were declined by 2 of the 4 Major Banks. At this point, they called Positive Solutions Finance for help.

Positive Solutions Finance was able to pay out the rates arrears and negotiate a reduced debt settlement amount of $15,000 as full payment to close their credit cards. Jake and Elise could then refinance their existing mortgage into a new Debtstroyer Home Loan saving them thousands and greatly reducing their overall monthly commitments.

Positive Solutions Finance were able to pay out the rates arrears and negotiate a reduced debt settlement amount of $15,000 as full payment to close their credit cards. Michael and Cathy could then refinance their existing mortgage into a new Debtstroyer Home Loan saving them thousands and greatly reducing their overall monthly commitments.

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