Debt Consolidation Savings Case Study
Talisha owned a property valued at $550,000 and owed $352,000 on her home loan. She also had a car loan owing $15,000 and two credit cards owing $33,000. Talisha called Fox Symes to see if they could consolidate her debts.
A snapshot of her loan accounts revealed the following:
| Loan Account | Balance | Minimum Monthly Repayment |
|---|---|---|
| Home Loan | 352,000 | 1,942 |
| Car Loan | 15,000 | 265 |
| 2 Credit Cards | 33,000 | 660 |
| Total | $400,000 | $2,867 |
Talisha's minimum monthly repayments on her loan accounts were $2,867 per month.
Fox Symes provided her with a new home loan.
Talisha's new home loan for $400,000 was provided by Fox Symes to allow her to consolidate all of her debts. This resulted in Talisha now making one repayment per month rather than multiple repayments.
Talisha's minimum monthly repayment with her new home loan was reduced from $2,867 per month to $1,839 to per month thus saving her $1,028 per month.
Other Case Studies:
- Case Study 1: Interest Rate Savings
- Case Study 3: Specialty Home Loan Savings