Things had taken a turn for the worse for James Merrick, with several debt threatening to force him into selling his home.
A baker employed by a large company, James had taken the opportunity to work overtime to help relieve his debts, but no matter how hard he worked, he could not seem to catch up with his bills.
“James couldn’t understand why he couldn’t keep pace. It was all mounting up and getting a bit too hard, but he called to see if we could help him refinance.
“He had 5 outstanding debts and a few late payments in his credit cards. His outgoings, before he paid living expenses, exceeded his net income by about $500 per month.”
When James realised that he could lose his home due to his inability to pay his creditors, he decided to get serious about sorting out a way to get through his financial issues.
With the help a mortgage broker, James was able to refinance all his debts into one loan that worked for him. He is now able to manage his cash flow. Whereas before, he needed to make repayments for all of the 5 credit facilities on top of his mortgage repayment, he only needs to make one repayment because the other 5 credit facilities were refinanced into his home loan. He didn’t lose his house and has enough money to live on.
“It definitely wasn’t guaranteed that we were going to be able to refinance him. But we found a lender that was happy to accept the loan, and now all is well.”
Maria Papa is a senior property and finance expert specialising in home loans, investment loans, self-employed loans, alt doc loans, car loans, personal loans, and loan protection. She has offices in Sydney, Melbourne, and Manila. If you have questions, you can call Maria at 0430 144 008 or email her at mpapa@maverickfinance.com.au.
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