Debt Consolidation Loan Case Study
David was 28 years old, had a good job with an income of $58,000 per annum.
David had two personal loans and three credit cards. His payment history was perfect. However he was increasingly finding it difficult to manage his money, his repayments and maintain a balanced lifestyle.
The Problem
David's minimum monthly repayments were $1,050 per month. These payments made it difficult for him to live. A snapshot of his loan accounts revealed the following:
| Loan Account | Interest Rate (%) | Balance | Min. Monthly Repayment |
| Personal Loan 1 | 27.00 | 10,000 | 395 |
| Personal Loan 2 | 13.50 | 4,000 | 175 |
| Credit Cards 3 | 18.25 | 16,000 | 480 |
| Total | $30,000 | $1,050 |
The Solution
David contacted Fox Symes. He wanted to consolidate his debts and therefore applied for a $30,000 debt consolidation loan. His application was approved. The personal loan was over 7 years with a minimum monthly repayment of approximately $520 per month. This would ultimately save David approximately $9,500 in interest payments over the life of the loan and his overall minimum monthly repayments would be reduced by $530 per month, thus freeing up cash to allow him to live again.
With the assistance of Fox Symes, his debt consolidation loan was approved.
More information on a Debt Consolidation Loan
Fox Symes can assist you through our relationship with lenders with a debt consolidation loan.
Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. Fox Symes helps over 100,000 Australians each year resolve their debt and take financial control.
If you would like to find out more about a debt consolidation loan contact us on 1300 361 204 or fill out the short contact form.
For residents of Australia only
If you are employed and have debts greater than $10,000 please contact us on 1300 361 204 or fill in this form. We have live Debt Consultants available to help you now.
