He was looking to consolidate debts and a history of credit defaults
- Age: 32 years old
- Occupation: PAYG Carpenter
- Income: Averaging $1,800 per week
- Assets: $400K home, $25K Ute; $12K Tools of Trade
- Liabilities: $150K 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: $5K credit default registered 18 months ago (unpaid); $500 Utilities default registered 2 months ago (unpaid)
Theo had been through a divorce 18 months previously. He had taken over all marital debts and in addition he had accumulated a $20K personal loan which was used to pay legal fees when the property settlement was finalised.
Theo's mortgage statements were up-to-date but this broker noticed that the payments were often a week late and a few of the cards were also over their limit.
Theo was able to qualify for a Pepper Money Specialist Full Doc home loan.
Pepper Money does not credit score and does not have a limit on the number of debts that can be consolidated.