Grant is an IT manager for a large multinational company and has an annual income of $125,000. Grant decided to make a large investment in shares on the stock market using some of his savings and mostly a large personal loan.
Unfortunately, the company that Grant had chosen to invest in became insolvent and the value of the shares went to zero. Clearly the shares did not perform as he expected and Grant lost his investment but still had the personal loan that he had used to make the initial investment.
Grant cannot afford to repay the loan in his current circumstances. After several meetings with his creditors to discuss his outstanding commitments with no positive outcome, he was facing legal action and bankruptcy.
Australian Financial Solutions Debt Solution
Grant contacted Australian Financial Solutions. Following a simple telephone call, an Australian Finacial Solutions consultant met with him shortly after and began working on the debt solution.
Australian Financial Solutions confirmed that Grant was ineligible to propose a Debt Agreement due to the amount of his annual income. However, a formal application to his creditors pursuant to Part X of the Bankruptcy Act was the debt solution that suited Grant's situation. Australian Financial Solutions assisted him in preparing the Part X (personal insolvency agreement) proposal and was able to refer him to a registered trustee to have his proposal considered and approved by his creditors.
This means that Grant will now have a reduced repayment for a period of 3 years to meet the commitments under the Part X (personal insolvency agreement), he is released from the debts and he avoids the stigma of bankruptcy.
The Australian Financial Solutions debt solution:
- Grant reduced his monthly payments.
- He now has one single monthly payment to make.
- Avoided the stigma of bankruptcy.
Contact us now at Australian Financial Solutions on 1300 237 669 to discuss the debt solution that best suits you and take the next step on the path to your financial freedom.
(this case study is an example only and is not an account of an actual case)