llan and Simone (not their real names) are a de facto couple with three young children. Allan ran his own contracting business while Simone worked part time around the children. Allan had to purchase some major equipment for his business which ended up being on a high interest hire purchase loan. Around this time Simone fell pregnant with the couple’s third child. Due to Simone not being able to work as many hours the couple started to accumulate ATO and credit card debt. Soon their repayments were more than they could afford each month.
The couple approached several lenders however no one was prepared to refinance them due to the fluctuating income from being self employed and the ATO debts. The couple rang my office after finding my business during an internet search. We went through all of their financials and looked at the whole financial situation.
After some negotiation with the lender we were able to consolidate up all of the high interest credit card and consumer debt, the ATO debts and the personal loans into one debt. This freed up $2347 per month in cash flow. Naturally it reduces their stress significantly and also allowed Simone to spend some time at home after having her child (something the couple told us was very important to both of them)
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