Rory
Debt Value: $26,000
Over time, I found myself in a difficult financial situation after taking out several short term loans with high interest rates to cover general living expenses. I intended these to be temporary solutions, but I quickly became stuck in a cycle of debt, taking out new loans just to cover repayments on existing ones. As the number of debts grew, multiple lenders began attempting direct debits from my account. I eventually lost track of what was being deducted and when. Some weeks, I had barely any money left for day to day essentials. My predicament was further strained because my partner is currently unemployed and only receives a small amount of income through Centrelink. As a result, I’ve been covering most of our household expenses on my own. This situation was made even harder by the rising cost of living. Essentials such as food, electricity, fuel, and rent have all become significantly more expensive, putting additional strain on my already tight budget. This added pressure caused me to fall further behind, and the financial stress took a serious toll on our family budget and wellbeing. Despite my best efforts, I’ve been consistently turned down by lenders due to my credit rating. Now, I’m turning to this debt agreement as a last resort to avoid bankruptcy, because I genuinely want to repay what I owe in a way that is realistic and affordable. NOTE: Debtor and partner keep separate finances.
