How Leigh recovered from 30K of debt
Married father-of-three Leigh was more than $30,000 in debt until he called Debt Mediators for some much-needed help.
Leigh was brought to Debt Mediators when he was struggling with his mounting piles on unmanageable debts. After finding out how he could balance both his family life and his debt repayments, Leigh was soon on the path to being free of his money troubles.
Read on to find out how Leigh recovered from his $30,000 of debt.
How did you get into so much debt?
I was in trouble already when our second son was born and I couldn’t cope. I had a credit card from a retailer that I had purchased items on an interest-free scheme, plus I had a loan. Then all of a sudden things got out of control. We were living in an apartment close to work in Sydney.
With rising rent costs, bills and living outside our means, I jumped at the chance of a no interest balance credit card swap.
This didn’t work in my favour with the bank only accepting half the amount so I put the other half in another bank. I stupidly didn’t cut the cards and once again I lost control with my debt totalling over $30k.
How did being in debt affect your life?
We decided to move out of the city and try a fresh start but I could not manage the repayments and the stress was taking a toll on myself, my wife and work.
How did you find out about Debt Mediators?
I came across Debt Mediators on A Current Affair and looked them up online. I made the call which was terrifying because I was embarrassed about my debt and very nervous not knowing what to expect.
What was it like working with us?
The staff were awesome, calming and respectful. My debts were reviewed and collated and I was placed on a payment plan. It felt like a weight had been lifted from my shoulders — the phone stopped ringing; the letters stopped coming, and there were no more threats of legal action — things were looking up.
Debt Mediators staff are very pleasant and helpful to talk to. I was also able to reduce payments for the Christmas periods to be able to give more to my family and able to pay more as I got better at working to stay on track with the payment plan.
What obstacles have you overcome while paying off your debt?
The hardest thing in life is not knowing what could happen to you in the future. Halfway through my payment plan with Debt Mediators my wife and I had a third child, a beautiful little girl who has Global Developmental Delay, Hypotonia and a few other troubles. She is now four with the mind of a one-year-old. As I said the hardest thing about life is not knowing what’s going to happen tomorrow. We couldn’t plan for this. Her condition is not a specific disorder and there are no specific funds for helping her through her life.
What is life like now that you’re debt free?
Being debt free is so refreshing! It’s hard to tell you how happy I am without seeing the smile on my face. I can now look forward to giving my daughter the tools and equipment she needs to develop.
What advice do you have for others who may be apprehensive to take the first step to becoming debt free?
I could say don’t apply for that loan or credit card but sometimes we all need that little bit of help. The hardest thing is when it starts to get beyond what plan you set for yourself and gets out of control. Don’t be afraid to call for help — especially give the folks at Debt Mediators a call. A big thank you to all the wonderful staff and once again don’t hesitate to call. I do not wish what I have endured on anyone. Make the change today for a better future.
You can join the likes of Leigh on his path to success in perfecting a repayment technique that didn’t cost him his life savings. Saving money within a family can often be more of a chore than it needs to be, but it can all be possible with the right methods and the right plan to get you rolling.