Whether he was working during the week or trying to enjoy time with his wife and kids on the weekend, Joe Royal kept “accidentally” misplacing his cell phone.
That way he could avoid knowing about the constant barrage of calls from his creditors. His wife Jenny’s cancer and his own downsizing during the Great Recession had rocked the financial foundation they had built over their first 14 years of marriage.
Two years after the financial crisis, Joe had landed a new lower-paying job and Jenny’s cancer was in remission. But she still had high medical costs, leaving them struggling to keep food on the table and their utilities on.
Her medical bills exacerbated an already tight financial situation as they lived paycheck to paycheck. The lender on their minivan had issued a repossession order, their home was near foreclosure, and health care providers, credit card firms – even their children’s public school over unpaid book fees — were turning their debts over to collection firms.
That was a year ago. The Royals are breathing much easier now.
They still have some debt, but they’re making significant progress on getting it under control. They credit their newly found peace of mind with their decision to visit Rescue One Financial.
After they completed an easy application online, a trained, experienced, and CFL-licensed consultant reviewed it and their debt challenges and contacted them within 24 hours. Their review required only a 40-minute phone conversation.
Rescue One Financial negotiated with creditors of their unsecured debt, including several maxed out, delinquent credit cards and a decade-old debt consolidation loan that had gone to collections. They now make just one monthly payment and can clearly see their unsecured debt gradually disappearing.
The Royals couldn’t include their mortgage and auto loans because they were secured by collateral, but they’re better able to stay current on those because of their new, lower interest rate and a consistent single payment amount on their unsecured debt through Rescue One’s debt management program.
A debt management plan is a hardship program that benefits consumers meeting specific criteria. It is not for everyone. Qualifying consumers must adhere to a strict set of requirements that will be outlined and explained by the finance management professional.
The couple opted for debt management over another popular Rescue One service, debt resolution, in which consumers who are strapped with unsecured debt reduce their outstanding debt balance by as much as 60 percent of what is owed. Debt resolution allows you to get out of debt quickly, without filing for bankruptcy. It does not teach you how to budget or manage finances in the future.
The Royals plan to continue living frugally until they pay off their debt. Joe still needs to brown-bag his lunch rather than eat out, and Jenny is constantly clipping coupons and looking for ways to reduce household spending. They’ve learned how to budget and better manage their finances.
Joe and Jenny are happy their friends told them about Rescue One. And it’s been a while since Joe misplaced his cell phone.
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