Bad Credit Rating Removal Case Study
Client Profile:
| Name: | Sean* |
| State: | QLD |
| Sex: | Male |
| Age: | 50 |
| Married/Single: | Married |
| Listing Type: | Default |
| Original Creditor: | GE Capital Finance Australia |
| Current Creditor: | Credit Corp |
| Paid / Unpaid: | Unpaid |
| Listing Amount: | $31,862 |
| Commenced work: | 11/08/2016 |
| Default Resolution: | 5/09/2016 |
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Credit Repair Background:
Sean* lost his job in April 2014. He immediately went to GE to notify them and he was informed that he was covered by insurance. Sean* completed the relevant forms and the insurance paid the monthly installments.
When he obtained employment, Sean* agreed to return to paying his installments, but after 9 weeks at the company, he was dismissed. He then went back to GE and explained what had transpired. They informed him that the insurance could not continue to pay as he had not worked for a period of 12 weeks. Whilst Sean* continued looking for employment, Sean was under a huge amount of stress, and he advised GE of this. He advised GE that he could not pay until he found work. Financial Hardship was never offered to Sean*. In February 2015, Sean* started working again and he enlisted the help of Christians Against Poverty (CAP) to help him make arrangements to pay off his creditors. He could not manage dealing with the creditors and he was diagnosed with severe depression. CAP did suggest that he go bankrupt, but he wanted to pay off his debt. Prior to Sean* losing his jobs, he was 100% up to date with paying back the loan.
What were any challenges with the creditor?
There were no issues with the creditor as they responded to our Law Firm requests in a timely manner.
Why was the listing removed?
The default listing only advised that GE was the current creditor, however, MyCRA Lawyers was unaware that the debt has been assigned to Credit Corp. GE ascertained an error in the default listing and contacted Credit Corp for removal.
Summary:
Sean* contacted MyCRA Lawyers as he wanted the default listing removed from his credit file. We managed to negotiate removal of his default listing in 25 days and Sean can now confidently apply for finance. Congratulations Sean* and good luck!
Sean’s* name has been changed to protect privacy
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