Informal Arrangement Example

Sharon was a single mother with two children. She worked full time. Sharon had a personal loan for $10,500 and a credit card with an outstanding balance of $5,500. Sharon had a history of always paying the minimum monthly payment on her personal loan and credit card each month by its due date.

Due to a restructure at work, Sharon lost her job. She received a small redundancy payment only.

The Problem

After she lost her job Sharon was finding it increasingly difficult to pay the minimum monthly payment on both her personal loan and credit card. She was falling behind with her payments.

The Solution

Sharon approach Fox Symes for assistance. They contacted both of her creditors and explained her position. They negotiated a workable solution for Sharon.

With the assistance of Fox Symes the banks (her creditors) agreed to provide Sharon with a 3-month moratorium. That means for an agreed 3 month period Sharon would not be required to pay any monthly payments towards her personal loan and credit card.

This 3 month moratorium provided Sharon with enough time to find a new job.

Sharon found a new job and recommenced her minimum monthly repayments to the banks. She avoided falling further into arrears and possibly having her credit rating affected.

What Sharon learnt was, once creditors are contacted and are informed of your financial position, many, when aware of genuine financial difficulties, will assist.

(The above is an example only and is not a true account)

More information on Informal Arrangements

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If you are employed and have debts greater than $10,000 please call us on 1300 361 204 or fill in this form. We have live Debt Consultants available to help you now.

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