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 Manager they were able to start fresh for their baby girl.
Dana and Peter had professional careers and a new home, however 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 local FinanceCorp Finance Manager, who rolled up his sleeves to see what he 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,” the Finance Manager explains.
With three months of clear credit card history, Dana and Peter were then able to refinance the loan, and the Finance Manager 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,” he 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.
Talk to one of the FinanceCorp Finance Managers who can help find a solution to your mortgage problems – financecorp.com.au