With crippling debt paid, family’s future looks bright

Emily and Jacob, were struggling under the weight of a $7.5k debt. Their Early Start Support Worker referred them to Kingdom Resources. This is their story…

“When we first met Cath [a Kingdom Resources’ Financial Mentor] the debt was $7.5k,” says Jacob, “I was living pretty much on tick – credit card for the last 3 years, living off borrowed money from parents and grandparents. We could’ve had that money saved up for other things, like a deposit for a house.”

The couple had reservations about seeing a financial mentor, worrying that they would be told how they should be spending their money. But instead, Emily and Jacob were pleased to be shown areas of their budget where savings could be made. Cath looked at the couple’s finances and saw that they were living with a large weekly deficit and quickly determined that the couple were not receiving their correct benefit entitlements. Emily explains that it was such a relief “to have someone take some notice that it wasn’t right. Cath helped us with the review of decision which is what ultimately helped us”.

After enduring 14 months on the wrong benefits, Emily and Jacob were thrilled to receive a back pay which cleared all their debt, with $1,000 left over. Emily says, “We got more money back than Cath initially anticipated we’d get. I said ‘if we can get Jacob’s credit card down to half the amount by the end of the year we’d be better off’, but I didn’t anticipate that that night we’d be paying of every debt we’d ever had!”

Jacob, who is now studying at barber school explains, “It was a bit emotional. Emily and I both got a phone call. I bawled my eyes out. I thought ‘Great, I’m going to be debt free!’”

The young couple recently married, and are looking forward to their future, with goals of home ownership in their five-year plan.

By Janine Millington