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Case Studies

Client Situation

The people: Ross, 58, and Dorothy, 55, and their two children.

The problem: Dorothy and Ross have a good income; they have a heavy consumer debt load and are living paycheck to paycheck. They had concerns about any unforeseen events that they could not cope with.

The plan: We personalized a Debt Free Living plan to eliminate their debt. We refinanced their house, restructured their consumer debt and accelerated the retirement of their mortgage. The plan improved their cash flow by $1,008.75.

Creditor Interest Rate Payment Current Balance
First Mortgage*

3.25%

$2,755.25

$268,164.00

Bank I – MasterCard

0.00%

Restructured

$0.00

Bank II – MasterCard

0.00%

Restructured

$0.00

Bank I – Visa

0.00%

Restructured

$0.00

Credit card Co. I – Visa

0.00%

Restructured

$0.00

Credit card Co. II – Visa

0.00%

Restructured

$0.00

Credit card Co. III – Visa

0.00%

Restructured

$0.00

Car Loan

0.00%

Restructured

$0.00

Bank III – Visa

0.00%

Restructured

$0.00

Bank III – MasterCard

0.00%

Restructured

$0.00

Bank II – Visa

0.00%

Restructured

$0.00

Total Debt/Payment  

$3,764.00

$350,164.00

*First mortgage is accelerated

The payoff: Became 100% Debt Free in 9 years and 5 months, saved $174,235 in interest and eliminated $293,652 in future payments.

If they invest $2,500 (a portion of the total monthly debt payment), once the mortgage is paid off, in just 15 years, they could have $676,290.

Monthly net income: $4,520.

Assets: His retirement funds $35,000; her retirement funds $7,000; residence $550,000; bank savings accounts $1,000; children’s college fund $0.

Liabilities: They have the following debt load.

Creditor Interest Rate Payment Current Balance
First Mortgage

5.00%

$1,555.00

$175,000.00

Bank I – MasterCard

18.00%

$15.00

$500.00

Bank II – MasterCard

8.00%

$525.00

$24,000.00

Bank I – Visa

18.00%

$41.00

$1,738.00

Credit card Co. I – Visa

18.00%

$57.00

$2,617.00

Credit card Co. II – Visa

18.00%

$391.00

$14,000.00

Credit card Co. III – Visa

18.00%

$97.00

$3,245.00

Car Loan

9.00%

$444.00

$16,000.00

Bank III – Visa

9.00%

$158.00

$7,930.00

Bank III – MasterCard

18.00%

$163.00

$7,930.00

Bank II – Visa

18.00%

$318.00

$15,204.00

Total Debt/Payment  

$3,764.00

$268,164.00

Total consumer debt $93,164.00

Total monthly payment $3,764.00

Monthly Mortgage Payment $1,555.00

Monthly minimum Payment $2.209.00

In Summary: Ross, 58, and Dorothy have a Debt Free Living Plan that outlines what to do and when. They are in control of their money and they are on solid financial future.

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Testimonials

November 14 2007 I just wanted to say thank you for all the help that you provided my husband and I for our refinancing when we were having problems getting information from our bank for the same. Your knowledge and understanding of finances helped us to make the right decisions regarding our financial situation and living is now bearable and we can see light at the end of the tunnel after only a few short months, which is certainly not what the bank was helping us to do. We appreciate all th…
S. and J. McKenzie
December 22, 2005 – We would recommend George Kaadi and his firm of experts with extremely high regard and confidence to our closest friends and family members. We only wish we had been introduced sooner, as we know George would have helped us to make better decisions about our future financial plans.
Bruce and Joanne H.
September 19 2007 – Based on the information he provided we were able to choose a strategy that was best suited to our situation and constraints. As such, he showed us how to use discipline and pay off our debts to then build and emergency fund and to invest our savings in vehicles I would not have come across talking to my banker. He taught me about tax savings and leveraging existing rules to increase my retirement fund using money the government would have simply kept to himself!
Andras Kovats
September 26 2007 – We came to you as first time buyers with some consumer debts after our bank gave the running around, seeking mortgage, we got home with far beyond that. Not only had you secured us an approval within 24 hours, you gave us the best rate at the time, and long lasting debt management help that has saved us considerable money and widened our smile; you helped changing our lives to the better.
Walid Bechara & Farah Dbouk
August 25 2006 – George provided excellent service as our Mortgage Broker, he was friendly, flexible and able to handle what was potentially a problematic situation. He always offered sound advice and had our best interests in mind at all time. I would highly recommend him.
Grant Pennell - Inside Sales Manager