- Age – 35
- Occupation – Self Employed Carpenter, ABN for last 5 yrs.
- Income – Averaging $1,800 per week
- Assets – $460K Home; $25K Ute; $12K Tools of Trade
- Liabilities – $220K Mortgage; $15K Car Loan; $20K Personal Loan; $25K Credit Card; $20K Credit Card; $10K Credit Card; $10K Store Card; $5K Interest Free Card
- Credit Impairment –$15K credit default registered 2010 (unpaid); $2500 Utilities default registered 2011 (unpaid), $1170 court judgment registered 2009, $800 Telco default registered 2013. Discharged Part IX in 2012, entered 2011.
David went through a divorce in 2010, he has taken over all marital debts and in addition he has accumulated a $20K personal loan which was used to pay legal fees when the divorce was finalised. David entered into a part IX payment arrangement with his creditors in March 2010 as a result of financial and emotional turmoil surrounding his divorce. He has since been discharged from the payment arrangement in March 2011.
David will qualify for the Low Doc Easy loan as all his credit defaults and Part IX payment arrangements were entered into more than 3 yrs ago. The product ignores telco defaults < $1000. Our loan products do not credit score and do not have a limit on the number of debts that can be consolidated. David will need to declared his income from his self employed business activities and provide either 6 months business bank statements OR 6 months BAS OR his accountant may complete the Accountants Letter template we provide.