A new strategy for this driven self-employed duo

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By June 8, 2017

 The situation

Vincent and Hayley Anderson are self-employed. Vincent is a mechanic and Hayley does all of the bookkeeping. Their business suffered a downturn a couple of years ago. To cover supply costs and day-to-day operations, Vincent and Hayley resorted to using their personal & business credit cards. This quickly exhausted their credit limits resulting in further unsecured facilities being sourced. Whilst their business has recovered Vincent and Hayley are finding it difficult to cover the high monthly costs of servicing their home loan as well as all their credit cards.

What’s the solution?

By utilising the RedZed “Blended Interest Rate” and “Debt Consolidation” calculators, their mortgage broker helped show them the true cost of their current finance structure and how beneficial it would be to consolidate all facilities into one loan with one easy repayment.

Unlike many lenders, RedZed do not penalise the client for number of credit enquiries, unsecured debt over-limits or number of debts being consolidated. As long as the applicant has shown a genuine attempt to meet their mortgage and can clearly demonstrate an ability to meet their new monthly commitment RedZed will look at the individual circumstances of the applicants to identify all the possibilities of how they might be able to assist.

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