Case Studies - Financial Managers

Case Scenario 1 - Help needed to curb spending and clear debts

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David was a self-confessed ‘shopaholic’. He had more debts than he could afford and was trying unsuccessfully to meet his home loan and credit card payments.

He had collection agencies and the banks chasing him for money.

David wanted us to manage his money so he decided to use the Financial Management service. We negotiated with his creditors and arranged some easy payment plans. David sent his pay to our non interest bearing account account and we sent him the money he needed for food, spending and petrol every week. The remainder of his pay was put towards his regular bill and loan repayments.

At the end of the third month we had successfully repaid all outstanding loan arrears and he had surplus funds which he could spend. He is now stress free!

Case Scenario 2 - Dealing with Gambling Problems

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Fiona had a gambling problem. She was aware of this and wanted to take the required steps to rectify the situation.

Every time her pay was deposited into her account she returned to the local hotel and played the poker machines. As with any addiction the problem was she couldn’t stop. She kept withdrawing small amounts, one after the other from the ATM until she either reached her daily limit or her balance was gone.

Fiona made an appointment with us and we completed a thorough budget analysis. We discovered there was sufficient income to cover her living expenses and debts, so Fiona chose to take up our Financial Management service. This was the ideal solution for Fiona as she only received the money she required for food, petrol and general spending.

The fact that she could no longer draw out hundreds of dollars at the pokies has helped her immensely.

Fiona has never looked back. By the Financial Mangers taking control of her finances, Fiona now has the necessary discipline to control her problem.

Case Scenario 3 – Debts out of control and bankruptcy looming

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Mardi had separated from her partner, leaving her with a huge level of debt. Creditors were constantly contacting her demanding payment, causing her high levels of stress.

She had considered bankruptcy but the consequences of this weighed heavily on her mind.

Mardi spoke to one of our Consultants and we prepared a comprehensive budget forecast – free of charge. It was identified that she had minimal options to avoid bankruptcy. Her family was in no position to assist her financially so she decided to enter into a Part 9 debt agreement.

The debt agreement was accepted by all creditors. Mardi was only required to make one fortnightly payment, her repayments were now at a reduced amount allowing her to rebuild her life.

Case Scenario 4 – Single Mum in financial trouble

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Andrea is a single mother of two. Following her separation she was forced to return to work as a nurse to enable her to keep her family home. Over time Andrea found it harder and harder to stay on top of the mortgage repayments and everyday household bills. It wasn’t long before the situation had spiraled out of control and realised she could no longer do this on her own. Andrea was too ashamed to talk to anyone about it until she discovered one of her friends was getting help from The Financial Managers which no longer made her feel alone. After contacting us she soon realised how easy it was to get back on track with the professional assistance of The Financial Managers. Andrea no longer needs to spend time worrying about paying her bills as this is taken care of by The Financial Managers. With the savings plan implemented she has booked the first holiday with the children since the separation.