Patrick has recently divorced and obtained full ownership of the family home along with a $90,000 mortgage through the divorce settlement. He has not worked for many years due to poor health and his 12 year old daughter and 15 year old son live with him. Patrick’s application to refinance the home loan was rejected due to his credit card debt of $5,000, overdue school fees of $10,000 and other personal loans of $13,000.

Patrick decided to approach a financial adviser as he was determined to resolve his unfavourable financial situation. With his adviser’s advice he was able to access some of her superannuation to pay outstanding and future school fees, set up a three year payment plan with the bank to pay off the personal loans and refinance the family home on a short-term interest-only basis, with a plan to pay out the remaining mortgage from superannuation upon retirement.

Patrick’s financial adviser also discovered a school scholarship fund set up for the children that he did not know existed, effectively covering half of the outstanding school fees. Additional Centrelink child support payments were identified and Patrick took advantage of Centrelink training to help him to secure a part-time job.

Three years later, Patrick was on top of his personal debt and on track to paying off his remaining mortgage. Importantly, his two children were able to remain in private schools.  With life now back on track Patrick can for the first time in many years begin to relax knowing that he has a positive financial future ahead.

He was so grateful to his adviser for providing an effective action plan and for giving him back hope.