Arrears & Defaults
Have you missed payments on your credit card, mortgage, bills or other type of debt in the past?
The good news is YES, we can help!
We get it, life happens
Sometimes in life, things don’t go as we planned, and we can find ourselves in financial trouble through no fault of our own. This too can have a major impact on our mental health and wellbeing. Some of our clients have lost jobs, been through a divorce/separation, encountered poor health or suffered a serious injury.
Things snowball, payments fall behind and its difficult to catch-up
When these events take place, it can result in some cases where home loan repayments fall behind along with payments to credit cards, personal loans and everyday bills. The follow-on effect is a credit file with adverse credit history or defaults placed on the file by the lenders who haven’t been receiving payments as per their loan agreement. It is normal for most lenders to report repayment history to the credit reporting agency on a monthly basis which is then uploaded on to your credit file.
How we help our clients
Even with your credit file showing adverse history with missed repayments and/or defaults, we have still been able to assist people by “parking” their home loan with a new lender who will consider these types of applications.
The loan is refinanced or “parked” with the new lender for up to 12 months or 2 years which allows the customers credit file to repair itself over this period of time providing all future repayments are paid on time.
This also allows clients to pick up the pieces so they can get back on track with their life and finances. We then diarise a follow up call to contact our clients when their credit report is healthy to help them refinance to a mainstream lender if they wish too.
We create solutions for our clients that
1) Quickly get them out of ‘hot-water’.
2) Repair their damaged credit rating to set them up for the future.