An expert solution to credit debt

The New Year is a great time to look at your debt and see how you can manage it better.  Soraya Francke goes through a recent client of hers and how they turned their debt around.

Dana and Peter put everything they had on the line to start a family, including their credit and home loan. With the expert advice of a finance broker they were able to start fresh for their baby girl.

Dana and Peter had professional careers and a new home, but needed help from a fertility clinic to make their family complete. The expensive treatments delivered a beautiful baby to the couple, but their credit was suffering as a result.

They were living off credit cards, nearly $70,000 in debt and spiralling as they took out new cards to bring others into the black. Peter had been to nearly all the local banks and none were able to offer a viable solution.

It was then Peter met with their award winning MFSA Finance Specialist – Soraya Francke, who rolled up her sleeves to see what she could do.

“We worked out that Dana and Peter were paying above and beyond what was necessary on their home loan, and so we decided to switch the repayments to interest-only while they focused on getting their credit card debt in line,” Soraya explains.

With three months of clear credit card history, Dana and Peter were then able to refinance the loan, and Soraya checked in with the family every month to make sure their finances were on track.

“We worked on a budget that was reviewed every month to ensure it was realistic and working for their family,” she says.

It took four to five months, but the family was able to put credit card debt in order and have the refinanced loan settled, granting a new beginning on a fresh financial slate.

*Client names have been changed to protect privacy.

Speak to one of our award winning Finance Specialists today and start the New Year on the right foot to manage your debt.  Call us today on 1300 857 762.