The death of a spouse can create unforeseen financial difficulties whilst the estate goes through the often lengthy probate period. Donna was in just such a position after her husband passed away. Having considerable trouble making ends meet, she resorted to funding her expenses shortfall with credit card debt. To add to the complexity, property titles were still in both names.
We delved into Donna’s situation on her behalf, did a significant amount of work to find a lender willing to take on her finance needs, and collaborated with a local lawyer to help facilitate the entire transaction.
Our resulting refinance of her mortgage meant we not only consolidated the unsecured debts, we secured an ultra-competitive interest rate and an interest only period. Donna now has a considerable monthly surplus and has been relieved of all her financial pressures in the lead up to settlement of probate.
Client: Mr B
Issue – late payments on home loan, arrears on statement due to interest only term expiring with previous lender and no correspondence was received. Direct debit figure didn’t change, which resulted in the arrears.
What did we do? – sought a short term solution which was still decently attractive (appx 3% lower rate than what he would have got with a shark lender)
Outcome for client? – including credit card and car loan consolidation: $750 per month
Client: Mrs S
Issue – late payments on home loan, arrears on statement due to acrimonious divorce; separated partner was pulling her contributions from the offset account and redraw facility
What did we do? – sought a solution which was still within near prime rates despite the female applicant being on maternity leave, attractive offer (appx 2% lower rate than what he would have got with a shark lender)
Outcome for client? including credit card and car loan consolidation: $2,500 per month