“Why are you smiling?”: the call that helped Bailey simplify his debts

Several payments, one unexpected repair

Bailey has worked at McDonald’s since he was 14 and is now an assistant restaurant manager and product quality manager. At 22, he had recently moved in with his girlfriend and was balancing a busy job with the costs of setting up life together.

He had two loans with Regional Australia Bank, an Afterpay balance and an unexpected car repair to cover. The different payments were leaving less room in his weekly budget and were difficult to keep on top of.

A call worth smiling about

Bailey used WeMoney to compare consolidation options. He remembers taking the approval call while out for lunch in Brisbane. When he returned to the table smiling, his girlfriend asked what had happened.

“I got the loan,” he told her.

The lender paid the old balances, leaving Bailey with one new monthly repayment. He says the move from several weekly commitments to a monthly schedule gave him more room to plan. His recollection of the exact before-and-after totals is approximate, but he believes the change left him at least $500 a month better off in cash-flow terms.

Three simple moves

Bailey describes the application as much easier than the process he had experienced with his original car finance.

“Three simple moves,” he says. “Then it was smooth sailing.”

Consolidation does not erase a debt, and a lower scheduled repayment can sometimes mean paying over a different term. For Bailey, however, the immediate benefit was practical: fewer moving parts, a payment rhythm that better matched his budget and a way to deal with the car repair without adding another separate account.

See what one repayment could look like for you

Use the debt consolidation calculator to explore how different repayment amounts and terms can affect the total cost.

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Disclaimer: Bailey’s experience is his own and is not a guarantee of a similar result. The information in this article is general in nature and was prepared for information purposes only. It should not be considered financial advice and does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for your circumstances and seek independent advice before making a financial decision.