We Helped To Save A Home!!

At Adelaide Budgeting we love to celebrate client milestones and are thrilled with the positive outcomes that our clients are receiving from our service.  Below is our most recent success story from a client we have been helping over the last 4 months.

Our client had been struggling with cashflow due to high utility bills, high credit card debt with mortgage repayments being unmanageable.  Our client was at the point of receiving lawyer letters from their lender of the mortgage to remove the client from their property!  Our client wasn’t sleeping or enjoying a quality of life and was financially crippled by their situation.

Through getting to know our client we were able to delve into their entire situation and see what could be done instead of either selling the property or having our client removed from their property.  In our process we were able to provide our client with a snap shot of their current situation which, which was a little bit dire to say the least, however, it is one of the first steps in educating our clients on their current position.  Once we had a baseline and a thorough understanding of what we were working with we then worked together on a solution that worked for our client.

Our findings were that credit card debt and high mortgage stress were the key players in crippling our clients lifestyle.  We determined what the current costs were, removed them from the household budgets and viewed the entire case without the credit cards and mortgage cost as part of the process.  By doing this we showed our client how easy life would be without these debts and it also showed us how their life would improve without these debts.  The reality was though, that these debts existed.  So how could we improve the situation?  What would our clients lifestyle look like if the repayments could be lower?  What number can we make these debts “theoretically” to make our clients budget and lifestyle improve and work better?

By removing the mortgage and credit cards we determined a number which was $450.00 lower per month that we could allocate towards the payment of mortgage and credit card repayments.  All we needed to do was a simple refinance – if it was possible due to the clients credit history and credit card debt (which is not always that simple!)

As Adelaide Budgeting are not mortgage brokers, our team reached out to our broker network and posed the question to our brokers who can offer a refinance that would work best for our client… the result?  Great success!

The number we generated theoretically was $1100.00 per month which included mortgage and credit card repayments (in terms of refinance, credit cards have been paid away and cancelled).  The deal our client received was less than $1050 per month in repayments!

What did this mean for our client?  Well, it meant that they got to stay in their own home, their credit card debt disappeared, their lifestyle has improved, their cashflow has improved, and over time our client will be sleeping easy again!  What’s more is that they now have an effective budget, plan and savings strategy in place to ensure that this situation never happens to them ever again!  They have benefitted from the education and training that Adelaide Budgeting have provided and embraced the process to what has been an amazing saving in our clients life of over $450.00 per month which is a net result of over $5400.00 annually!  A huge result to any clients bottom line and an amazing outcome!

So how did we help?  In this case we:

  • Ascertained clients current position
  • Identified current crush points
  • Provided a solution that works for the clients individual situation
  • Sought out the correct professionals (in this case a mortgage broker) and provided those professionals with intricate detail to better our clients position

By working with us our client has saved money, kept their home, and kept their sanity!

The process from beginning to end was 4 months and all parties had regular contact and up to date information at all times. A clear strategy, budget and plan and a very happy client!

Do you know someone that could benefit from our service?  Talk to us today to find out how we can help – www.adelaidebudgeting.com.au – 0420 846 454.

ABOUT THE AUTHOR

ANDREW MATES is the director and operator of Adelaide Budgeting and has always had a keen interest in numbers and the philosophy of succeeding financially in a world full of consumerism.  Andrew is a valued member of the team and is passionate about education and empowerment around finance and providing people with the confidence to successfully manage their own finances.  Equipped with a Diploma in Finance and Mortgage Broking (but not a broker), Andrew and his team can work with you to create a budget plan and savings strategy that is second to none which will see you kicking goals and doing the things you want to do but never thought you could!

In between helping clients and working on strategies, Andrew also enjoys walking on the beach, playing with his Lilly his Labrador and road trips with his wife Alyssa.