Marin was a single mother with two children. She worked full time and had a personal loan for $12, 500 and a credit card with an outstanding balance of $17, 500. Marin had a history of always paying the minimum monthly payment on her personal loan and credit card each month by its due date.
Due to a restructure at work, Marin was no longer able to work overtime. She needs a Informal Credit Card or Debt Arrangement.
The Problem: Due to the loss of overtime, Marin was finding it increasingly difficult to pay the minimum monthly payment on both her personal loan and credit card. She was falling behind with her repayments.
The Solution: Rumanek & Company contacted both of her creditors, explained her position and negotiated a workable solution.
With the assistance of Rumanek & Company, the banks (her creditors) agreed to provide Marin with a 3-month moratorium. That meant that for an agreed 3 month period she was not required to make any monthly repayments towards her personal loan and credit card. This 3 month moratorium provided Marin with enough time to find a part time job.
Marin found a part time job and recommenced her minimum monthly repayments to the banks. She had avoided falling further into arrears and possibly having her credit rating affected. In short, once creditors are contacted and are informed of your financial position, many, when aware of genuine financial difficulties, will assist in a informal credit arrangement or a debt arrangements.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.