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Could you tell us a little about yourself?
I'm single. I live alone in Sydney. My family is in Queensland.
Could you talk a little bit about getting the debt?
I had to get a place to rent quickly in Sydney and rents are very high when you don’t share. I had an overseas trip on credit cards and then I extend the limit and it was more than I could afford. I ended up paying interest on interest. I needed cash to pay the interest on the credit cards, so I sold some shares and got hit with a large tax bill for capital gains. I ended up with no shares three creditors and a tax bill..
Did you try to clear the debt before working with us?
I found it impossible to pay anything but the interest. So, the credit cards stayed maxed out. I couldn't get the debt down.
What made you decided you were going to get debt free?
The fact was if I didn't get the debt under control I would have faced some short term calamities. I was getting pretty desperate, so I Googled ways to pay off debts and came across Beyond Debt. I checked the official list of registered debt agreement administrators on AFSA.gov.au and saw that Beyond Debt was registered, so I gave them a call.
How did you stay motivated?
I stayed motivated to see through the 5 years of repayments with Beyond Debt by thinking about all the interest I wasn't paying and keeping my employment in a good place.
What have you learned along the way?
I have learned to budget better and have better shopping and I food prep now. I found larger and much cheaper rental accommodation. The debt agreement repayments forced me to live within means. Now I'm used to living like that and that means less stress.
Knowing what you know now what would you do anything differently?
Covid ended up not being a threat to the business I work for but it was end-of-world scenarios at first, so I froze repayments with Beyond Debt for a few months. I wish I hadn’t, there end up being support (job keeper). Our business thrived so I worked all the way through and recommenced payment after the 3 month freeze... I wish I’d just kept paying and finished debt agreement earlier.
What advice would you give to people with debt who don’t see a way of getting debt free?
Think about a debt agreement to pay off your debts through Beyond Debt. Bankruptcy has consequences leaving you without control of your life and having choices taken away from you.
Is there anything you going to do now your debt-free that you couldn't before?
Now I’m debt free I can travel again, within means. There’s a lot more of Australia for me to see yet! I can save and invest now for my future security.
Do you have any final words of wisdom for the readers?
At least give Beyond Debt a call. They are amazing professionals and put my mind at ease straight away. Don’t stay uninformed and stressed about your future.
Beyond Debt is a trading name of DCS Group Aust Pty Ltd. Australian Credit License: 382607. RDAA Number: 1126. PO Box 3074 Newstead, QLD, 4006.
DCS Group operates under a Limited Liability scheme approved under Professional Standards Legislation
