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Debt Consolidation – a true story

July 21st, 2011 -

Here at NZCU Baywide, we recently identified current customers that might benefit from consolidating their existing debt.  One example follows:

A young couple in a provincial town found themselves owing just over $10,000 to four different finance companies.  Their spending hadn’t been extravagant; they had simply replaced their existing car, lawnmower and some of their furniture as they had to.  On only one income and with four children under the age of six and trying to save for a family holiday – the $220 of repayments each week was taking its toll on the family budget.

After receiving the letter from NZCU Baywide, they made an appointment to see how they could improve their financial situation.  At that original appointment, their lender completed an assessment of their situation and found that by consolidating the finance company debt with a NZCU Baywide loan the couple could be making a substantial saving on their weekly payments.

The couple, motivated by the savings they would be making, returned the next day to finalise their consolidation loan.

With the dotted line signed, this young couple has managed to pay off their existing debts with the four finance companies and consolidated the whole $10,200 into one simple and affordable loan.

Their weekly repayments are now just $70 compared to the $220 they were paying – and this includes car insurance!

The couple have chosen to increase their weekly payments to $100 so when their holiday does arrive, and haven’t managed to save enough, there is the opportunity to draw down the loan money they have paid in advance.

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