Money to see family for Christmas

Ending a relationship, moving back to New Zealand and hunting for a new job all created debt problems that seemed like the only solution was bankruptcy. When Peter Walsh decided it was time to leave Australia and start over in the South Island, he had debt from across the ditch and he racked up more at his new home while he looked for a job.

“I needed a car and I borrowed from the bank for this,” says Peter. “It was so easy to get the loan, I had credit card debt, owed Inland Revenue and debts in Australia.”

He got a job but the income wasn’t high enough to pay off significant amounts of debt and high interest rates meant he was going backwards – owing more every day and the debts were growing. Peter wanted to start over and when he contacted Debtfix in 2018, it was with the intention of filing for bankruptcy. However, the Debtfix Crew reviewed Peter’s situation and he was going to be much better off with a debt repayment order (DRO) or debt management plan.

“Bankruptcy was a last resort but what I have now is absolutely amazing. I pay an affordable amount to Debtfix each week and the creditors are getting paid more than they would have if I’d gone bankrupt.”

To determine an affordable weekly payment, the Crew reviewed all of Peter’s debts, living expenses and his income. Initially, Peter thought the weekly payment was too much, but he discovered it was achievable and he could afford better food and had some left over for savings. He used to buy cheap soft drinks and poor-quality food but since he has been working with Debtfix, Peter has changed what he buys, he’s lost a significant amount of weight and improved his health.

“I put money aside in a Christmas club as well as a savings account and this year I’m travelling to be with family for Christmas. I could never have done that before.”

Now, he can afford his rent, has a more comfortable lifestyle and Debtfix reduced his stress by dealing directly with creditors on his behalf. Peter feels he has been well looked after and he owes it to Debtfix to keep up his end of the deal, making a commitment to meeting the weekly payments.

“I have lost my credit score but I’ll never have a credit card again. I’ll only pay cash for what I need rather than getting back into debt.”

Peter is in his sixties, and he was confident to get support from Debtfix. He’s watched some mates get into debt, even though they know about his situation. Maybe they will be inspired by his story to make positive changes to reduce their debts that could catch them out if something changes in their lifestyle.

He says once he sorted out his debt problems his life changed. “Creditors stopped chasing me and the great thing about Debtfix is that they look after everything.”

Debtfix thanks Peter for sharing his story and the Crew wishes him a very Merry Christmas with his children and grandchildren.