How refinancing their home loan gave Edie and Bill their life back.
Edie and Pete were in their late 50’s when their lives took an unexpected turn: Edie had to have emergency surgery at around the same time Pete’s Mum in the UK became unwell. With Edie off work all of a sudden, they couldn’t afford for Pete to go and care for his Mum. They had a bunch of smallish debts that were manageable before but all added up - and with this new situation there simply wasn’t anything left over. Then things got really stressful. Edie needed a second round of surgery and was off work for another 3 months. And they were getting a bit behind on the mortgage. Once Edie was back at work they started to get things under control but the stress had hit them hard. They talked about what they could do to save a bit each month and be in a better position if any new situations occurred. They could always live really carefully for the next 10 years – and maybe even sell Pete’s beloved motorbike – after all, it was the reason for one of the bills. And of course, it would mean never seeing his Mum.
While they were talking like this, they just stopped and looked at each other.
Live really carefully and give up any real happiness? At 57? It made them wonder what it had all been for, working so hard all their lives to end up not being able to do anything but work harder. This was supposed to be their Golden Years. They decided there must be a way to sort things out. So they went to their bank to talk about refinancing their home loan. But because of the missed payments when Edie was ill, the bank gave them a flat ‘no’.
Luckily, when they were feeling at their absolute lowest, a friend told them to get on the phone and talk to Pepper Money. She said they’d help if they could. They could - and they did. They talked to Edie and Pete about what had happened, that being in arrears just wasn’t like them – it was the surgery – and that Edie was back in her job. They could see the couple had twenty years of good credit history before the arrears and were obviously back on track. They said the small debts could be consolidated into their home loan. So they rolled them up into one monthly payment – a little over a third of what they were paying all up previously with a much lower overall interest rate – just over a longer term. Now Pete and Edie could look forward to the good times they’d worked so hard for.
Not only that, Pete got to keep his motorbike. And see his Mum.
Pepper Money. If your bank said no, ask again. We may be able to help.
Names and some details have been changed to protect peoples’ confidentiality. Of course, outcomes will always vary depending on individual circumstances. All applications are subject to thorough credit assessment and for suitability criteria and terms, conditions, fees and charges will apply. The real outcome we’re after is to make sure it’s the right thing for you.
Pepper Group Pty Limited trading as Pepper Money, Australian Credit Licence Number 286655, is the servicer of loans by Pepper Finance Corporation Limited ACN 094 317 647.