Updated: Oct 19, 2018
Laura approached Debt Angels consumed by worry for her father Bill. Bill had been admitted into hospital following an aortic aneurysm, and Laura, having enduring power of attorney for her father, had overnight, taken over the management of many of his personal matters.
Taking responsibility for her father’s affairs brought much more than Laura had bargained for.
This responsibility soon lead to the discovery that her father had numerous unsecured debts, totalling well.
Over a hundred and fifty thousand dollars. Originally from Malaysia, Bill has spent his adult and working life as a taxi driver in Sydney. Years of business risks, missed payments and running up one debt after another, Bill owed vast amounts of money to numerous creditors. All Laura could see was a sea of red. She was completely at a loss of what to do.
After ten weeks in hospital, Bill was finally discharged, with the news from his cardiothoracic specialist that his state of health meant that he would never be able to drive again. Just like that, a 64-year-old Bill lost the only means he had to an income and livelihood.
Laura knew that although her father had made mistakes in the past, he was a sick man with only a few years to live. She desperately wanted him to be able to return home, to live out his last days surrounded by friends and family, cared for and in peace. With his current financial situation, this looked like it would never happen. Laura was concerned the additional stress and pressure on her father was having adverse effects on his health.
Initially Laura tried to find a solution on her own. She took out a personal loan in her own name for $20K in an effort to hold Bill’s creditors at bay. But his repayments were over $6K a month, with $2,634 on interest alone – the money she had borrowed disappeared very quickly, not even touching the sides of his massive debt, leaving them back where they started with Laura now in debt as well.
Laura came to Debt Angel Solutions feeling desperate. What would happen to her father? How would she support him AND start making even a dent in the vast amount on money he, and now she, owed? She had no idea what to do.
Once the Debt Angel’s initial strategy had been put in place and arrangements made with Bill’s creditors to hold of interest and repayments for three months, we used the time and space to help Laura build a longer-term plan to move Bill forward financially. Although he could no longer work, Bill’s taxi licence and plates were an asset, so Laura set about finding a buyer.
Once the sale of the plates had been confirmed, we used our expertise to carefully negotiate reduced full and final settlements with each of Bill’s creditors, using the money raised from the sale.
Working with Debt Angel Solutions, Bill and Laura not only managed to clear Bill’s long-standing debts, pay back the money Laura had borrowed and leave Bill with enough dollars in his pocket to live out the rest of his life semi comfortably. It also gave him the opportunity to fulfil his dream of returning to Malysia, back to his family and friends.
Working with us also meant that Laura was not left to shoulder this burden alone. She was able to help her dad regain some dignity and not loose everything he had in the world. It also allowed them to start over again, without their money worries in the way. They could finally enjoy the time he had left in peace.