Bad Credit Rating Default Removal Case Study
MyCRA (Specialist Credit Repair) Lawyers Client Profile:
| Name: | Kaiya* |
| State: | NT |
| Sex: | Male |
| Age: | 37 |
| Married/Single: | Single |
| Listing Type: | Default |
| Original Creditor: | Bankwest |
| Current Creditor: | Lion Finance |
| Paid / Unpaid: | Paid |
| Listing Amount: | $46,755 |
| Commenced work: | 18/10/2018 |
| Default Resolution: | 30/10/2018 |
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Credit Repair Background:
Kaiya and his ex-wife went through divorce which was causing ongoing problems at the time of the default. The debt was related to a credit card that Kaiya used for his business for two reasons, cash flow and Qantas points. Kaiya would clear the card every month; however, there was a period of time where he was owed a substantial amount of money by 3 creditors who could not pay. He advised Bankwest that full payment would be slow and they agreed to put the card on a payment holiday. Unbeknown to Kaiya, Bankwest added interest at the highest rate without advising him which escalated the debt to 45k. Kaiya contacted Bankwest to advise them to remove the charges as it was not part of the original agreement. After months with the Ombudsman and Bankwest refusing to negotiate, they sold the debt to Lion Finance. Kaiya finalised the debt minus some interest component.
What were any challenges with the creditor?
The creditor responded to our credit repair lawyers’ default removal requests in a timely manner.
Why was the listing removed?
MyCRA Lawyers sent a demand letter to Lion Finance and, upon review, they agreed to remove the default listing.
Summary:
Kaiya engaged MyCRA Lawyers to investigate the likelihood of removal of a Bankwest / Lion Finance default listing on his credit file. The listing resulted from a divorce which was causing ongoing problems and other factors, such as Kaiya’s business having a period near bankruptcy. Kaiya only discovered the bad credit default listing when he was declined for finance. MyCRA Lawyers negotiated the successful removal of his bad credit default listing in just 12 days. Kaiya can now move forward financially. Congratulations Kaiya and good luck!
Kaiya’s* name has been changed to protect privacy
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