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How RedZed helped plan a holiday for Jules & Mark.

25 May 2017,


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The situation

This year, Julia and Mark Wallace organised a special visit to the grandparents in the UK for Christmas. However in their excitement, their holiday spending got away from them. The plan was to steadily pay off their credit cards from January to June and only use the credit cards in case of emergency. However, half way through paying off their debt, Julia fell ill and had to take two months of unpaid leave. With two kids at school only Mark’s income as a self employed photographer to pay their debts they started using their credit cards for everyday expenses. Whilst Julia has returned to work, they are still struggling to conquer their credit card debt because they are being charged default interest of 24%. All five credit card companies could default on them if they do not address the situation very quickly.

What’s the solution?

Debt consolidation and refinance with RedZed. Despite their overlimits, they have been making regular payments to their cards although juggling their various debts has meant they have made some late payments on their mortgage. Using RedZed’s Debt Consolidation Calculator we can demonstrate not only that the Wallace’s have been making repayments substantially in excess of the proposed monthly repayments required by RedZed but that they will also be $1,500 a month in a better position.

 

 

All examples or scenarios are illustrative only and do not amount to endorsements. The names used are fictitious. All loan applications and requests subsequent to settlement are subject to RedZed’s lending criteria and lending policy which may be amended from time to time without notice. Fees, charges and conditions apply.

Any content on this website is general only and does not take into account your particular circumstances and needs. Before acting on any content you should assess or seek advice as to whether it is appropriate for you.

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