Like most people, Interdeep’s financial troubles didn’t happen overnight. He began his own transport business in 2015. Unfortunately, he faced a number of challenges that were out of his control. Trucks broke down, leading to unexpected expenses. Additionally, some of his businesses’ contractors went bankrupt, so he was unable to get paid the money he was owed.
His financial troubles with his business affected other areas of his life. He and his wife struggled with unmanageable debts at home. After the failure of his business, Interdeep began working as a taxi driver, earning an average of $39,000 per year as gross taxable income. His wife works on a casual basis, earning significantly less. With two children and a home to maintain, Interdeep struggled to pay for all of their living expenses on top of their debt repayments.
Interdeep knew he needed to take action to protect his family. By contacting Debt Busters, he took the first step towards a future free from debt and worry.
Debt Busters has over 15 years of experience with debt settlement and informal payment arrangements. The expert team worked with Interdeep to create a strategy that works for him not only short-term but also long-term.
First, Interdeep needed to raise funds. To be more aggressive with his debt reduction, he needed a way to approach creditors. To do this, he and his wife decided to sell their property. The proceeds from the sale could go towards settling their debts. With the sale, they received $40,000. A portion of this would go towards paying off their debts.
Because Interdeep’s debt totalled $99,572.81 between 5 accounts, the Debt Busters team felt he was a good fit for debt settlement. With debt settlement, Debt Busters worked with creditors on Interdeep’s behalf to reduce his total payment. Since Debt Busters has negotiation experience, they know exactly what steps to take to get negotiations accepted quickly.
With this combination of debt solution and the sale of Interdeep’s home, the Debt Busters team was confident he was on his way to a quick solution. The debt negotiations were accepted by 4 of his 5 creditors, resulting in massive savings in his overall debt. For the remaining account, Debt Busters negotiated a long term interest-free payment plan.
Now that we’ve examined the strategy Debt Busters took to free Interdeep of his debts, let’s take a closer look at the numbers. This helps put the strategy into perspective to see how powerful debt settlement can be when used with the help of an expert.
Client’s debt vs. settlement amount
Interdeep’s total debt was $99,572.81. Excluding the one creditor that required a payment plan instead of a settlement, his debts were $77,273.36. Thanks to Debt Busters’ negotiation team, he was able to settle this amount for $20,568.27 inclusive of Debt Busters’ fees.
For the remaining $22,299.45 amount, Debt Busters negotiated a payment plan. This included a partial payment of $6,648 and a 7-year payment plan for the remainder of the debt with the creditor agreeing not to charge any additional interest or fees.
This client saw a great reduction in his total debt. Because of the expert debt specialists at Debt Busters, his debt-free journey was supercharged. Of the 4 creditors willing to settle, he experienced a savings of $56,705.09 or 73% off the original debt.
The remaining debt is much more manageable, and there’s no worry of interest rates rising over time. Now, Interdeep is free to focus on his family and career without dealing with the stress of his business and personal debts. He now knows he has financial experts to turn to if he ever faces trouble in the future.
Like many people struggling with their finances, Interdeep wanted to get out of his debt as soon as possible. While this might seem far-fetched, it’s more possible than you think. There are a number of debt solutions available that might be a good fit for your situation.
Do you need help with debt of your own? You don’t have to take these next steps alone. You have options, but you need to take action. The team at Debt Busters are here to help you take charge of your own financial future. A brighter tomorrow is closer than you think. Contact Debt Busters today on 1300 368 322 to start your path towards change. For more inspiration, review our other success stories.
