SPECIALIST SCENARIO: DEBT CONSOLIDATION

After accruing a substantial amount of debt through personal loans and credit cards after a home renovation, the customers’ poor account conduct became a massive obstacle and meant the bank rejected their application to refinance and consolidate their debt.

Read how Select helped the customers consolidate 18 different debt accounts into one monthly home loan payment.

What was the customer’s situation?

They were a married couple, both working full time with solid jobs and good incomes. They wished to refinance their existing home loan and consolidate external consumer debt, including IRD and Baycorp debt which totaled $115,000.

The consumer debt was created by fully renovating their property. The renovation started off small and therefore they decided to get a personal loan. As the renovation went on, extra work was required, which meant they accrued more debt on their personal loans and credit cards.

Their plan at the end of the renovations was to refinance it under the home loan, but due to missed payments, the bank declined their request.

How did Select help?

Select were able to help these customers clear all of their debt and consolidate them into one home loan payment. A total of 18 different payments totaling $115,000 were repaid which reduced their monthly repayments significantly.