Kosta* was diagnosed with dementia and initially cared for at home by his grandson and his family. They didn’t know that Kosta had taken out a bank loan and incurred debts that he couldn’t afford to pay back.
When Kosta’s grandson was diagnosed with a life-limiting illness, Kosta moved to a nursing home because he needed more medical help. Paying for his care and keeping their family home became harder because of Kosta’s debts.
The Public Trustee was appointed to support Kosta with his financial affairs, his Client Account Manager investigated how he obtained a bank loan when he didn’t have the capacity to repay the loan. The investigation found the bank had failed in its due diligence before approving the loan. The Client Account Manager negotiated with the bank and successfully obtained a waiver for the $75,000 loan. They were also able to develop a feasible repayment plan for the other debts.
This helped Kosta and his family a lot. They didn’t have to worry so much about the loans anymore. They could focus on taking care of Kosta and making sure his grandson had stability for the future.
*Name changed for privacy
89% of support people are satisfied with the way Public Trustee support clients with their finances – Myriad Research, Independent Client Satisfaction Report 2024
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