Bad Credit Case Studies

Problem: John came to us as a young man of 27. He had several unpaid defaults from a previous relationship. He was about to get married and was looking for a new home loan. No lender was prepared to assist with a home loan as he had no deposit and a number of unpaid defaults. John’s mum had a paid off home and was willing to assist.
Solution: We were able to use the equity in his mother’s home towards debt consolidation and a deposit for John’s purchase.

Problem: Barry had experienced some problems in his business. A major client went bankrupt which left Barry seriously out of pocket. His mortgage was in arrears and many business accounts were outstanding. Barry was in danger of losing his home as well as his business.
Solution: Bad Credit Mortgages were able to refinance Barry’s home loan providing an additional equity facility of $200,000. Barry was able to use $50,000 off this facility to catch up on his bills and outstanding business accounts. Problem solved.

Problem: Melissa was spending significantly more than she was earning. She was using 12 credit cards and had outstanding debts of over $65,000. Once Melissa was ready to admit that she had a problem.
Solution: Bad Credit Mortgages were able to assist through a program of Debt Consolidation.

Problem: Caroline and Tom had a Home Loan with a non-conforming lender with an interest rate of 12.00%. They also had a car loan and 3 credit cards.
Solution: After a consultation with Bad Credit Mortgages the couple were able to consolidate all their debts into their home loan with a rate of only 7.95%. Over the first year this represented a saving of just under $20,000.

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