04 Oct Trucking Business Downturn
My husband and I purchased a Prime Mover and financed it through a finance company.
There was a downturn in business and no matter how hard we struggled we could not make our repayments for the loan.
To make matter worse the finance company stopped taking payments out of our account, they did not tell us and in time we had accumulated a huge debt. They took us to court. Our credit cards were also maxed out, we were in serious financial debt with no way out – or so it seems.
We then entered into a Debt Agreement, business picked up a little and we started to make regular payments over time. We had a caravan that was on finance that had some equity in it , so we decided to sell to put a lump sum back into the Debt Agreement Plan.
Once this was sold we were also able to increase our Debt Agreement payments.