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Dig Yourself Out of the Debt Minefield

August 08, 2012

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An article from the Leader Newspapers

5th August 2012


Michelle Carnovale


SHE set out to help fulfil thegreat Australian dream ofhome ownership and now Home Addressed founder Dianne Ferrara wants to help those about
to lose it. With many families and singles struggling to juggle the rising cost of living and a heavy mortgage, Ms Ferrara has organised a pilot
lifeline to those buried in debt. The Mortgage De-stress program will not only attempt to bring participants out of mortgage arrears but provide an in-depth

budgeting program to oversee debt management and help build a savings plan.
‘‘It is about the families who are finding it really difficult to meet the day-to-day challenges of the rising cost of living, the mortgage rates fluctuating, job losses and
that sort of stuff,’’ Ms Ferrara said. ‘‘To help them understand what they need to not only meet their obligations but to save so that they are not living day-to-day.’’
Partnering with money management business Bills To Pay, Ms Ferrara said she was hoping to capture two types of people in the pilot—those beginning to head down

the path of arrears and those a few months behind in their repayments and really feeling the pressure. ‘‘People heading down that road are probably the best group to be

dealing with because before they get in too deep, we can steer them away from that,’’ she said. ‘‘It’s an awful predicament to be in, especially when you’ve got a young family.’’

Bills to Pay accountant and founder Kris Bondin said his part of the program would involve assessing participants’ weekly spending, including lunches, coffees, gardening costs,

nights out and bills, to determine where savings could be made. ‘‘Between coffees and lunches every day, it’s about $3000 people can slash by buying some cold meats and a loaf

of bread,’’ Mr Bondin said.

Fifteen people are wanted for the pilot, which will incur a small cost.


to find out more and apply for program.

The Mortgage De-stress program can stop you going under.