Vacu step in to save $20,000 of ‘lucky’ savings
An employee has stepped in to offer an unexpected and life-changing solution for those struggling to keep up with their mortgage payments.
Read more: VacuStep has a unique system in place to automatically collect and send bank statements, credit cards and other bank documents.
The company has been running the system since last year and has since set up its own website to help people with questions.
VuStep claims to collect over 80,000 reports per month, of which about a third is submitted through its website.
As a result, customers have been paying almost $20K each month on average to pay their mortgage debt.
A recent study from mortgage provider FICO shows the average monthly payment on the FICO-insured mortgage is about $8,000.
But the service has been a godsend for customers who have been hit hard by the Great Recession.
While many borrowers are still struggling, it has helped many families pay off their mortgages.
One of the company’s customers said he was paying about $4,000 a month to pay off his mortgage.
He said he felt like he was living on borrowed time, which was the case until his wife stepped in.
“I was really in a lot of debt and the money I was paying was actually just sitting in the bank account,” he said.
Since then, he said his wife has been working and saving for the next six months to help cover his mortgage payments while he took a two-year leave of absence.
His loan has since been forgiven and he says the savings from his business has helped him make his home more affordable.
We were trying to stay afloat financially but I just felt like I was living in a bubble,” he explained.
It has been great to see so many people come forward to help and to be able to share their stories and their stories are amazing.
And I think we all have the power to change our lives for the better, he added.
In 2016, Vacu stepped in with a new loan of $3,600 to help pay down a $5,000 mortgage debt and cover his living expenses.
Read more of our coverage of the Great Australian Recession here: It took the company six months, but the new loan is now paying off.
Its been a great experience for our team, he noted.
I feel really grateful to have been part of this experience, he continued.
Mr Zebron said the company had also been able to offer some savings that the average person can’t.
So for people that are just struggling financially and can’t get out of debt, they have the option to apply to be on the system to get paid off on time.
Some of the best advice the team had received was from the late comedian Jimmy Carr, who said it was crucial to keep a positive attitude.
‘Be a person’ “Don’t be afraid to be yourself and be open and honest and be able and confident in your financial situation,” he advised.
For more information on the Vacu Step loan, check out the company website here: www.vacustep.com/contact.html