MyCRA Specialist Credit Repair Lawyers

Tag: ASIC MoneySmart

ASIC Research Report (REP 465) Credit Repair Agencies or Debt Management Firms – “Paying to get out of debt or clear your record: The promise of debt management firms” Is A Must Read
[fusion_builder_container background_color=”#ffffff” background_image=”” background_parallax=”fixed” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”#e5e4e4″ border_style=”solid” padding_top=”5px” padding_bottom=”0px” padding_left=”10px” padding_right=”10px” hundred_percent=”yes” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”intro” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”none” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

ASIC Research Report (REP 465) Credit Repair Agencies or Debt Management Firms – “Paying to get out of debt or clear your record: The promise of debt management firms” Is A Must Read

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_modal name=”asic_report_465_20160121″ title=”Paying to get out of debt or clear your record: The promise of debt management firms” size=”large” background=”” border_color=”” show_footer=”yes” class=”” id=””]Paying to get out of debt or clear your record – The promise of debt management firms – ASIC Report 465[/fusion_modal][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”none” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””][/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”none” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

This Report Details The Problems With Credit Repair Firms, Part IX Debt Agreement Firms And Budgeting Firms

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2.6666666666666665%” min_height=””][fusion_text][fusion_popover title=”ASIC REPORT” title_bg_color=”” content=”This copy is provided by MyCRA Lawyers for your convenience. See the end of this document for a link to the original document on ASIC’s website that was correct at the time of publication.” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”hover” placement=”right” class=”” id=””]This report[/fusion_popover] is well overdue and shines a light on many of the important facts MyCRA Lawyers have been openly concerned about for quite some time.

We Audit Your Creditor’s Files Looking For Legislative & Compliance Errors.

Section 29 of the report states “The OAIC noted that, of those who accessed their credit report, three in ten (30%) found the information to be incorrect …“. This is in line with a small scale survey published in CHOICE finding 34% of credit reports contained mistakes.

The report “Paying to get out of debt or clear your record: The promise of debt management firms” (The Report) also notes that “In Australia, there has also been evidence of credit providers making serious and systemic errors in credit listings.” The issue of systemic errors still exists and is not restricted to just financial institutions.

MyCRA Lawyers has identified several organisations including energy providers and debt collectors that routinely seem to ignore the legislation to the consumers potential detriment.

These systemic breaches have been documented and are the subject of a complaint to the OAIC wherein we are calling for a “Commissioner Initiated Investigation”.

MyCRA Lawyers seeks to penalise these negligent organisations and restore the balance of power to give affected consumers a voice, and restore their legislated (and moral) consumer rights.

The Report makes mention that many of the Debt Management Firms have “… only worsened their [the consumers] immediate financial position …”. The Report also talks about the consumer in “Financial Hardship” and seems to indicate the tie in between Part IX Debt Agreement Companies and Credit Repair.

There could be no two business segments further apart. A Part IX Debt Agreement is “… an act of bankruptcy … ” and destroys a person’s credit rating. MyCRA Lawyers is 100% focused on investigating the validity of the default listings and removing those that have been placed in error or unlawfully to improve a person’s credit score.

I do know of credit repair agencies that seem to fit this model and offer Part IX Debt Agreements as a supposed “Credit Fix” or Credit Repair, and others that seem to actively target those consumers in genuine financial hardship. These clients in Financial Hardship should seek assistance from Financial Planners or free credit counselling services – Not Credit Repair or Debt Agreements.

The majority of clients referred to MyCRA Lawyers by other trusted authorities in the Finance & Mortgage Industry are those that may have a single issue that often, they knew nothing about prior to applying for their mortgage.

Some particular incident in their past left them with a bad credit rating but they are now in a financially stable position, and moving forward with their lives.

These clients are NOT in the same position as the vulnerable client still immersed in depths of financial hardship.

On average, MyCRA Lawyers clients had 1.2 bad credit default listings, achieve a successful removal resolution in 91.6% of cases and of those, receive the resolution in seven days or less – And, because we are a Legal Practice, these figures have been independently audited and the Audit Certificate is published.

The Report raises concerns about the abilities of these organisations by stating:
1. ” … firms had a poor understanding of the relevant law …” and
2. “client money is not adequately protected …” and
3. “… no uniform regulatory framework applying to debt management firms …”
All of these concerns are addressed when you choose to only deal with MyCRA Lawyers for credit reporting issues because:
1. MyCRA Lawyers is a Legal Practice with Solicitors, Paralegals and Legal support staff managing your matter;
2. All Client Money is held in our Legal Trust Account which is subject to heavy regulation and regular audits; and
3. MyCRA Lawyers is heavily regulated for consumer protection by The Queensland Law Society.
In closing, while I agree consumers can access Ombudsman bodies and other EDR schemes themselves for free, I disagree that it is always the best option.

To expect the ombudsman or the credit reporting bodies to conduct the same level of in depth investigation and audit of the creditors actions as a Legal Practice is in need of a serious reality check.

The free services may have neither the time nor the depth of knowledge of the credit reporting and associated legislation to be able to assist the client to the same extent as MyCRA Lawyers.

In fact, MyCRA Lawyers have had defaults removed that had been previously investigated by Ombudsman bodies wherein the Ombudsman body found no fault.

Consumers and Trusted Authorities alike are encouraged to firstly read The Report and then do your homework. Be aware of your risks, your rights and know who you’re dealing with and/or referring to.
It’s either your professional reputation or your credit reputation at risk.

[Graham Doessel is the Chief Executive Officer & Non-Legal Director of MyCRA Lawyers]

The report can be found at http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-011mr-asic-releases-report-on-debt-management-firms/[/fusion_text][fusion_separator style_type=”none” top_margin=”15″ bottom_margin=”5″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_text]Who do you know that might have been the victim or almost the victim of an online scam or an identity theft issue or that has a bad credit rating, you might like to think how much you’d appreciate some help if you’d just been through something like this, and how grateful you’d be if your friend or trusted advisor let you know that you have options to get your life back.

Let your friends know that MyCRA lawyers has an independently audited success rate of 91.6% of all matters taken on* received a successful default removal resolution and approx. a 1/3 of them received the good news within 7 days or less.[/fusion_text][fusion_separator style_type=”none” top_margin=”15″ bottom_margin=”5″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_text]As you think about who you might refer, you might think back over the clients that have been rejected for credit issues by you or your lenders for the past 3 or so years. Hope is an amazing gift you can give them and it’ll cost you nothing to mention MyCRA Lawyers to them all. Refer them through using our simple and convenient 90-second online referral form by clicking the button below.[/fusion_text][fusion_button link=”” color=”default” size=”large” stretch=”” type=”3d” target=”_self” title=”” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” bevel_color=”” icon=”fa-user-plus” icon_position=”left” icon_divider=”no” modal=”online-referral” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” alignment=”” class=”” id=”” border_radius_top_left=”25px” border_radius_top_right=”25px” border_radius_bottom_right=”25px” border_radius_bottom_left=”25px”]Quick – Easy – 90 Second Client Referral – Click Here Now[/fusion_button][fusion_separator style_type=”none” top_margin=”15″ bottom_margin=”5″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][/fusion_builder_column][fusion_builder_column type=”1_3″ layout=”1_3″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”#a7d686″ border_style=”solid” padding_top=”5px” padding_right=”5px” padding_bottom=”5px” padding_left=”5px” margin_top=”” margin_bottom=”” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”1px” border_sizes_bottom=”1px” border_sizes_left=”1px” border_sizes_right=”1px” first=”false” spacing_left=”1.3333333333333333%” min_height=””][fusion_title size=”2″ content_align=”left” style_type=”double solid” sep_color=”#d4af37″ margin_top=”10px” margin_bottom=”10px” class=”” id=””]Testimonial[/fusion_title][fusion_imageframe lightbox=”yes” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”center” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_title size=”2″ content_align=”left” style_type=”double solid” sep_color=”#d4af37″ margin_top=”10px” margin_bottom=”10px” class=”” id=””]Testimonial[/fusion_title][fusion_text]

“Thank you so much I will tell all my Doctor friends, family, and I will recommend them to you.”

“… for me impossible to get any loan, without your help …”

“… And Lauren Andrew, ahhh Phillip Anthony, Cory – they are all amazing, you know? I can’t tell you how beautiful the service was, it’s amazing, it’s changed my life. It’s changed my life and it’s saved me thousands of dollars because you know the bank wanted to give me 10% because of my credit file. My excellent, my credit history now, it’s back on track…” Dr Kamal Zgheib – Qld

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Dr Kamal Zgheib default removal | MyCRA Lawyers Testimonial

Listen to the Telephone call between Graham Doessel and Dr Kamal.
https://mycralawyers.com.au/wp-content/uploads/2015/12/Dr-Kamal-Testimonial-call-OUT47-20150717-140436.mp3
[/fusion_text][fusion_title size=”2″ content_align=”left” style_type=”double solid” sep_color=”#d4af37″ margin_top=”10px” margin_bottom=”10px” class=”” id=””]Testimonial[/fusion_title][fusion_imageframe lightbox=”yes” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”center” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_imageframe lightbox=”yes” lightbox_image=”” style_type=”bottomshadow” hover_type=”zoomin” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”center” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”up” animation_speed=”1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_title size=”2″ content_align=”left” style_type=”double solid” sep_color=”#d4af37″ margin_top=”10px” margin_bottom=”10px” class=”” id=””]Testimonial[/fusion_title][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”yes” overflow=”visible” type=”flex”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_section_separator divider_candy=”bottom” icon=”” icon_color=”” bordersize=”1px” bordercolor=”#333333″ backgroundcolor=”#333333″ class=”” id=”” /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”https://mycralawyers.com.au/wp-content/uploads/2015/09/bkgd_bw2.jpg” background_parallax=”fixed” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”#e5e4e4″ border_style=”solid” padding_top=”65px” padding_bottom=”50px” padding_left=”20px” padding_right=”20px” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_title size=”2″ content_align=”left” style_type=”double solid” sep_color=”#d4af37″ margin_top=”10px” margin_bottom=”10px” class=”” id=””]Testimonial[/fusion_title][/fusion_builder_column][fusion_builder_column type=”1_3″ layout=”1_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=””][fusion_testimonials design=”classic” backgroundcolor=”” textcolor=”” random=”” class=”” id=””][fusion_testimonial name=”Jess” avatar=”female” image=”” image_border_radius=”” company=”Qld” link=”” target=”_self”]Thank you so much for a great service that was professional and very prompt.[/fusion_testimonial][/fusion_testimonials][/fusion_builder_column][fusion_builder_column type=”1_3″ layout=”1_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_testimonials design=”classic” backgroundcolor=”” textcolor=”” random=”” class=”” id=””][fusion_testimonial name=”Sean” avatar=”male” image=”” image_border_radius=”” company=”NSW” link=”” target=”_self”]thanks a lot for stellar results on the client I referred Friday. Credit Card Default from a trigger happy major was removed in 3 days. Impressive[/fusion_testimonial][/fusion_testimonials][/fusion_builder_column][fusion_builder_column type=”1_3″ layout=”1_3″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_testimonials design=”classic” backgroundcolor=”” textcolor=”” random=”” class=”” id=””][fusion_testimonial name=”Joseph” avatar=”male” image=”” image_border_radius=”” company=”WA” link=”” target=”_self”]I would like to inform you that, after spoken to you yesterday, I called Veda and they told me that my credit default has been removed. I also ordered for my new credit report and indeed the Optus default listing was not there, plus my credit score went up 546 – 716%. I Just want to thank you guys for following up
Thank you
[/fusion_testimonial][/fusion_testimonials][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_separator style_type=”none” top_margin=”20″ bottom_margin=”20″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”” class=”” id=”” /][/fusion_builder_column][fusion_builder_column type=”1_2″ layout=”1_2″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=””][fusion_testimonials design=”classic” backgroundcolor=”” textcolor=”” random=”” class=”” id=””][fusion_testimonial name=”Awhina” avatar=”female” image=”” image_border_radius=”” company=”WA” link=”” target=”_self”]Thank you very much for your prompt handling of this matter. Thank you also to Corey who saved me a lot of to and throw (billing minutes) by quickly accessing my file for an up-to-the-minute update, supported by ‘NOW’ emails regarding progress, including clear understandable trust account billing.

I found it very refreshing get have an ‘off the record’frank discussions drawing on the experience of the team to be absolutely golden! I was able to carry on with business, rest assured myCRA Lawyers had everything under control.

MyCRA delivered on time and on budget.

Top Job Guys!! I will gladly recommend MyCRA Lawyers to family and friends in the future[/fusion_testimonial][/fusion_testimonials][/fusion_builder_column][fusion_builder_column type=”1_2″ layout=”1_2″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_testimonials design=”classic” backgroundcolor=”” textcolor=”” random=”” class=”” id=””][fusion_testimonial name=”Stefan” avatar=”male” image=”” image_border_radius=”” company=”Qld” link=”” target=”_self”]I contacted MyCRA Lawyers after being off work with an injury.
It started by missing a couple of small payments, power, phone then an existing loan I had.
Still unable to return to work, things started to compound exponentially and before I knew it I started getting calls from up to 3 different debt collectors 5 times a day.

I felt powerless to do anything about it and decided to give Graham Doessel at MyCRA Lawyers a call. Within the first week Graham and his expert team had completely removed the $1000 debt but more importantly, the default listing from VEDA. Their high success rate of removing defaults, combined with their extensive knowledge of debt collectors not adhering to certain rules they must follow means the defaults can be removed quicker than you would expect.
I would certainly recommend their services, and can’t tell you how satisfied you feel when the burden is lifted.[/fusion_testimonial][/fusion_testimonials][/fusion_builder_column][fusion_builder_column type=”3_5″ layout=”3_5″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2.4%” min_height=””][fusion_text]

As you think about who you might refer, you might think back over the clients that have been rejected for credit issues by you or your lenders for the past 3 or so years. Hope is an amazing gift you can give them and it’ll cost you nothing to mention MyCRA Lawyers to them all. Refer them through using our simple and convenient 90-second online referral form by clicking the big Green Button to the right.[/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_5″ layout=”2_5″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”1.6%” min_height=””][fusion_separator style_type=”none” top_margin=”20″ bottom_margin=”30″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” 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type=”flex”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none” align_self=”flex-start” border_sizes_undefined=”” first=”true” last=”true” hover_type=”none” link=”” border_position=”all”][fusion_separator style_type=”none” sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”” class=”” id=”” /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”yes” overflow=”visible” type=”flex”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ last=”true” spacing=”yes” 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25/01/2016
How To Make Your CREDIT CARD work for you

In this week’s ‘Make Credit Work For You’ post we look at credit cards. Do you currently have a credit card? Do you know what your interest rate is? Do you know if you really have the right credit card for your financial circumstances? With so many choices for rates, fees and rewards – it’s smart to spend some time thinking about the appropriate one for you. Knowing how to make your credit card work for you, which starts by picking the right card might just save you from credit debt and ensure your credit history is clear as you work towards larger financial goals.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

Almost half of Australians are in the dark about their credit card. According to a Choice Survey last month, 48% of Australians who used their credit card recently weren’t sure how much interest they would be charged.

This “interest rate ignorance” has according to Choice, meant a big windfall for the creditors.

Since June 2011, the average credit card interest rate has moved 176 basis points above the Reserve Bank’s cash rate, earning the banks an extra $630 million this year alone.

Bit by bit, the banks have been sneaking their rates further away from the baseline. At the moment the average credit card interest rates sits 14.41% above the cash rate, up from 12.65% in June 2011, according to calculations from commercial comparison website Mozo.

That adds up to a lot of debt – and a lot of uncertainty.

“As a nation, we’re paying interest on more than $36 billion of credit card debt, yet almost half of us are uncertain what it costs us,” says CHOICE CEO Alan Kirkland.

This “interest rate ignorance” points to a wider symptom of credit ignorance which has many households making poor financial decisions for their individual situations. It can be paralleled with the prevalence of high interest rate home loans for people with poor credit history. Whilst some people may need to choose this type of home loan – it isn’t always the right option, and can end up costing families tens of thousands more in interest unnecessarily.

Whilst it is imperative to know the interest rate on your credit card – what is even more important to know – is that you have the right card for your circumstances. One which you can pay back – on time!

Too many times people can be lured in to choosing cards with rewards or other gimmicks – which are not suitable for them and which can end up costing them severely for years to come.

Facts about Debt and Credit Cards

If you are more than 5 days late paying your credit card this will show up on your credit history as a ‘late payment notation’. This notation will remain on your credit file for 2 years. Multiple late payments will probably mean you are refused mainstream credit for 2 years, or only offered credit at much higher interest rates.

If your credit card goes unpaid for 60 days or more – you will have a default placed against your name. Defaults remain on your credit file for 5 years.

Any adverse credit listing will mean you are either refused mainstream credit, or only offered credit at higher interest rates. So you want to avoid this ‘credit death sentence’ by choosing the right card for you in the first place.

Recently Savingsguide.com.au covered in depth the pros and cons of each different type of credit card, in their article How To Choose The Best Credit Card.

How Do You Use Credit?

You need to ask yourself some great questions to be clear about your credit card usage.

If you don’t know what you’re paying in interest – that would be a great first question to ask. The other question to ask – is how am I using my credit card? Is it for emergencies only, am I a hefty credit card user or somewhere in between? Do I tend to pay the balance off each month or carry it over? Do I have a current debt on my card I need to pay down?
The answers will all determine which card is right for you.

SavingsGuide make some suggestions about who should choose what card:

They advise, if you are just going to use the card for emergencies – you are probably best looking for one with low or no annual fees.

“This card is perfect for people who rarely use their credit cards, save their credit cards for an emergency or religiously pay off their credit card before the interest period.

“If you’re never earning any interest on your card, it’s more important to save money on the annual fee than it is to consider how the interest rate would affect you.”

If you use your card regularly – and if you pay the balance off each month –then you are probably the best type of person for a rewards program.

“If you use your credit card regularly for everyday purchases and are capable of consistently paying it off within the interest-free period, then a rewards card might work well for you.”

If you are having trouble paying the entire balance off each month – a low interest rate seems ideal.

“If you’re totting up interest on a card, it’s essential to keep your interest rate as low as possible. Otherwise, you’ll find it increasingly difficult to get on top of the credit repayments.”

If you have debt you need to pay down – you could switch to a balance transfer which allows you to pay off the card with low or no interest.

“If you need some breathing space, being able to pay off debt without having to worry about interest for a couple of months might be exactly what the doctor ordered.”

Tips to prevent bad credit history from credit card debt

Create your own credit limit.
Set yourself a limit based on what you can comfortably afford to repay. It’s important to realise that you will pay at some point for the credit you use. Make sure at worst case scenario you can afford to repay it. You will then have confidence in your spending without the temptation to overspend.

Don’t exceed the credit limit.
This will just mean you incur hefty charges.

Pay off the balance each month.
Ideally, pay off the entire card balance within the interest free period. If you don’t, you will be charged interest right back to the date you purchased each item. You not only lose the interest-free period on those past purchases, but until you pay off the balance there will be no interest free period on anything you spend in the future.

Or, choose a low interest card, but still pay more than the minimum repayment amount each month.
If you have debt which carries over on your card month to month you should look at a card that has a lower interest rate. It may not offer an interest free period, or hefty rewards points, but the lower interest rate should mean the carried over debt is more manageable for you, and will prevent you from getting into trouble with credit and ending up with defaults or late payment notations on your credit file (bad credit history).

Avoid cash advances.
Interest usually applies immediately on any cash advances from credit cards – whether the withdrawal is within the interest free period or not.

You can also visit ASIC’s MoneySmart website for further information on how to choose the right credit card.

For help repairing bad credit history, or more information on your credit rating, visit our website www.mycra.com.au or call MyCRA Credit Rating Repairs tollfree on 1300 667 218.

Image: adamr/ www.FreeDigitalPhotos.net

Image 2: naypong/ www.FreeDigitalPhotos.net

13/08/2013
More people losing their homes due to mortgage stress

Statistics are pointing to an increase in distressed sales in some areas of Australia. We look at what’s happening in the property market. We also cover what you can do if you find yourself in hot water with your mortgage so you can prevent credit defaults, and especially – losing your home to the bank or to liquidators.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

An alarming article showed up in Australian Broker yesterday, ‘Fresh data shows shocking number of distressed sales.’ The article revealed that nearly a quarter of all properties advertised in Australia are distressed sales. The upsetting figures were released by valuation group LandMark White. Here’s the rest of that article in full:

The research shows Queensland accounted for a massive 54% of properties advertised by a mortgagee, receiver or liquidator during the March quarter – and the Gold Coast recorded the highest number of distressed property advertisements in the country, with 74% of its listings made by a mortgagee, receiver or liquidator in the three months to March 31 – despite recent claims the region’s housing market is back on its feet.

Nationally, most receiver sales were in regional areas, with residential property falling just ahead of the agricultural sector.

LandMark White found almost 23% of properties advertised in Australia during the quarter were listed by a mortgagee, receiver or liquidator.

Of those, 19% were in the residential sector, 16% in industrial and 15% in retail.

Nearly 10% were in New South Wales and 15% in Victoria.

NSW saw the most positive change, as only 7% of all properties advertised in that state were listed by a receiver or mortgagee – a record low. By comparison, the proportion in the same quarter of 2012 was 31%, according to a News Ltd report.

Although the distressed ratio in Queensland dropped by 6%, it remains high at 39% of all property advertisements in the state. Victoria saw the smallest improvement in the distressed ratio, with a drop from 20% to 19%, which meant that for the first time in the series, Victoria had a higher ratio than NSW.

What can I do if I am experiencing mortgage stress?

It depends on how deep the ‘do do’ is that you’re in as to what your plan of attack will be.

If you’re just struggling to make ends meet, but you are managing to keep up with payments (just) – then you might start looking around for a cheaper interest rate to give you a bit of savings. You could check with your bank or research other banks (but don’t make any credit applications until you’re sure) to see if you can find an interest rate that will reduce your repayments.

Sydney Morning Herald story Tell them to cut you a break, gives great advice on making the most of bank competition to grab a cheaper interest rate:

If your loan is with a big bank and you’re paying the advertised interest rate, you’re being ripped off. It used to be that customers who knew to ask could secure 70 basis points off that rate, but in recent competitive times, that discount has leapt to as much as 100 basis points.

You won’t be able to get any reduction from one of the new breed of online lenders; it’s their cut-price rates that are forcing discounting elsewhere. But banks, and even some building societies and credit unions, will have wiggle room. The beauty of this information is that you could use it to make an instant saving with your lender, sparing you from having to remortgage.

If your struggle is more serious, and you really are having trouble finding money to make repayments each month, then it’s time to tell your bank. You need to do this before you default on your home loan, to ensure you are not penalised by a default listing on your credit rating. Despite this, if you are consistently late with your mortgage payments, this will show on your credit record from next year – so it is best to make paying your mortgage or any other bank-related credit an absolute priority to avoid that late repayment history from holding you back in the future if you get back on your feet.

How do I apply for a revised repayment schedule with my bank to avoid a default?

Firstly, you need to make it clear to your bank that you fear if you aren’t able to restructure your home loan repayments that you may fall into arrears. If you have a situation of temporary difficulty, such as unemployment, illness, injury or other reasonable issue which would mean making repayments will be difficult, this is essential to do. You will be requesting a financial hardship variation to your repayments. This may mean your repayments are reduced accordingly and the lender may take action to stop a potential default on your credit file.

Tips for Applying for financial hardship

– Work out what you can afford to pay prior to requesting a hardship variation. This would involve taking the bull by the horns and doing up a serious budget on what’s coming in and what your repayments are on all of your credit accounts. Could burying your head in the sand be the main reason why you find yourself in this situation in the first place? If so, it would be a great idea to seek professional help in managing your budget for your entire future. The best place to start looking for some help would be ASIC’s MoneySmart Website. If you feel like you’ll struggle across a number of credit areas in the short term – consider requesting a reduced payment for other credit accounts as well.

– Put your request in writing and keep a copy as a record.

– You may need to use the actual words “hardship variation” for your lender to officially recognise the request, and to avoid confusion as to what you’re asking for.

– Check your loan agreement as to the terms you entered into around financial hardship. Those agreements post-1 July 2010 have a clause which requires the lender to respond to you within 21 days.

– Creditors are legally required to consider a person’s request for variation on payment arrangements, but are not obliged to agree to any hardship variation proposal put forward. If a lender either refuses or fails to respond to your hardship request, you can lodge a complaint with their independent dispute resolution scheme, such as the Ombudsman they are a member of.

– Research how to apply for financial hardship. You can do this through ASIC’s MoneySmart Website, or through sites like Money Help, a website run by the Victorian State Government.

Is it time to sell the house?

If your financial situation is not going away any time soon – it may be time to look at downsizing your home or even renting for a while. “Gasp, shock, horror…weren’t you trying to save my home?” you say.

But having the power to sell your home at the best price in the current market is what you’re really trying to save. So it might pay to think seriously and clearly about whether you are going to be able to carry the loan long term.

If you end up at the mercy of any distressed sale, you may find the banks are only interested in getting back what they are owed on the property – and through lost time, or different sales tactics, you could find you sell for a lot less than you might if you had control of the sale yourself. So as hard as it might be, you could save your credit file, and save your family thousands by letting go now.

The above information is intended for general purposes, and should not replace getting considered and careful advice based on your individual circumstances. We recommend you seek financial counselling and or legal advice before making this type of financial decision.

For help with recovering your credit rating following a period of financial hardship, or help with disputing credit listings which are holding you back from obtaining credit, contact a Credit Repair Advisor at MyCRA on 1300 667 218 to talk about your situation.

Image: artur84/ www.FreeDigitalPhotos.net

23/04/2013
Credit cards: The real deal on choosing the plastic fantastic.

Credit cards are not always bad, but you have to make sure you get the right one that fits you and your lifestyle. It’s important to read the fine print before you decide on a credit card. Avoid getting enticed by rewards and low interest periods, and take the time to understand what you can afford so you can choose the card that is right for you. That’s the key point to avoid bad credit history through credit card debt and make credit work for you.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au

Choosing the right credit card is essential to your finances – in the end it can be the difference between good and bad credit history.

Money saving website, Savingsguide Australia have 5 tips for choosing the right credit card.

5 Tips When Getting A Credit Card:

1. At The End Of The Month. If you’re unable to pay off your credit card at the end of the month, Yahoo! Personal Finance suggests looking for cards with 45 days of interest free and then cards that have the lowest interest on purchases. I would also suggest keeping credit use to a minimum until you’re able to pay it off at the end of the month.

2. Fee. If you’re planning on using your credit card frequently and for rewards programs, then an annual fee might be a worthwhile spend. You could be looking at anywhere between $50 to $250 a year, but if you’re redeeming your points for money-saving purchases like flights or accommodation, it might be a worthwhile investment. If, however, you’ve got the card as an emergency back up when you go overseas, you may as well just get a card that doesn’t have an annual fee.

3. Interest Rate. When getting a credit card, it’s essential to weigh up whether any outlay on the card is a worthwhile investment. The same is as true of interest as it is of the annual fee. The card might have a high interest rate but if you can be certain you’re going to be able to pay it off at the end of every month, then those cards can also offer great rewards. Often, it’s stipulated you have to be earning over a certain amount to qualify to use the card.

4. Use It Everywhere. People look dismayed when they come to my work and pull out an Amex or Diners. Sure, we can transfer it. At the cost of a 3% surcharge, which usually precludes anyone from wanting to use it. Amex and Diners come with great rewards but a lot of businesses, at least in my town, have no interest in processing them so you have to rely on two cards. Recently, however, cards have been released where they are two cards in one (an Amex and Visa, or an Amex and Mastercard). So if you’re keen for the reward points, it could be worth investigating that option.

5. Bonuses. Credit cards are big business, and they want to make sure that they keep yours. Hence, the amazing world of bonuses for your credit cards. The most obvious, and the most commonly used, is the protection should you be a victim of fraud. If it happens on your credit card, the bank will usually cover you as part of your credit card contract. If the same thing happens on your debit card, you’re not always as lucky. Other bonuses can include short-term insurance on items bought on your credit card or little luxuries like privileged access to concert tickets when they go on sale and the best seats. If a credit card fulfils all your other criteria, a bonus scheme could be a great way for you to save a bit of money throughout the year.

Some great advice there on choosing credit cards. One important point is to not be sucked in by promises of rewards or other special deals when choosing credit cards – concentrate on the fees, interest and repayments. If you can afford all of that, then look at the possible benefits rewards can bring.

Here is my advice to prevent bad credit history from credit card debt:

Create your own credit limit.

Set yourself a limit based on what you can comfortably afford to repay. It’s important to realise that you will pay at some point for the credit you use. Make sure at worst case scenario you can afford to repay it. You will then have confidence in your spending without the temptation to overspend.

Don’t exceed the credit limit.

This will just mean you incur hefty charges.

Pay off the balance each month.

Ideally, pay off the entire card balance within the interest free period. If you don’t, you will be charged interest right back to the date you purchased each item. You not only lose the interest-free period on those past purchases, but until you pay off the balance there will be no interest free period on anything you spend in the future.

Or, choose a low interest card, but still pay more than the minimum repayment amount each month.

If you have debt which carries over on your card month to month you should look at a card that has a lower interest rate. It may not offer an interest free period, or hefty rewards points, but the lower interest rate should mean the carried over debt is more manageable for you, and will prevent you from getting into trouble with credit and ending up with defaults or late payment notations on your credit file (bad credit history).

Avoid cash advances.

Interest usually applies immediately on any cash advances from credit cards – whether the withdrawal is within the interest free period or not.

You can also visit ASIC’s MoneySmart website for further information on how to choose the right credit card or watch this youtube video featuring ASIC Commissioner Peter Kell.

http://youtu.be/YFLDegKGgLI

For help repairing bad credit history, or more information on your credit rating, visit our website www.mycra.com.au or call MyCRA Credit Rating Repairs tollfree on 1300 667 218.

Image: hin255/ www.FreeDigitalPhotos.net

19/02/2013
Found your special someone this Valentine’s Day? 7 tips for joining finances

Happy Valentine’s Day to all the lovers out there! If you are one of the lucky ones that has found that right person for you, then you may be looking at joining finances – perhaps moving in together, or taking the plunge and buying a home together. Before you do, read my 10 tips to protect your credit file when you are joining finances. Unfortunately love isn’t enough to ensure our ideas about money are always going to match up. If they don’t – make sure your credit file – your good name stays intact – even if the relationship doesn’t.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

1. Take off the rose-coloured glasses.

Yes, cupid may have got you good. This may be the best person you’ve ever known. But that doesn’t mean they are perfect. No, really it doesn’t! Being in love and in particular new love can be the best feeling in the world. But let’s be honest, it’s not the most practical of states to be in. Sometimes our standards go out the window and we lose ourselves in the process of adding to our ‘relationship’ and creating an ‘us’. Before you join your finances, take off the rose-coloured glasses for just a minute, and put some real thought into how you are going to make the financial relationship work. With Relationships Australia identifying conflict over money as one of the top causes of arguments and relationship breakdowns in Australia, it makes sense doesn’t it?

2. What’s their history?

People will do what they’ve always done. You need to know of any skeletons in their closet that may impact your relationship and your credit file. Have a frank and open discussion about the financial decisions you’ve both made in your past.

If you are joining finances, perhaps entering a mortgage, or even just moving in together and putting the Electricity and Gas on, effectively what you are doing is joining credit history. You need to know if their credit history up till now is clear.

It might be worth getting a copy of each other’s credit files (you can request a free copy of your credit file and a report will be mailed to you within 10 working days). If there are adverse listings, they will impact your ability to obtain credit together for between 5 and 7 years depending on the listing type. If something on either credit file is amiss or incorrect – it is probably a good time to look at disputing it. Credit listings such as defaults, Judgments, Writs or Clear-Outs can all be removed if it can be proven that the listing was placed unlawfully.

3. What’s their money mindset?

Knowing their credit history should give you a good indication of how your prospective partner views money. So will knowing what debts they currently have. It will give you an indication of how they feel about money, and how much debt they consider normal to handle. You can also talk about paying bills. Do they always pay them on time? If not, why not?

Some of us are great with money and some of us aren’t. If one of each money type get together the potential for both people to be financially damaged is greatly increased. As credit rating repairers, every day we meet people who need help with fixing credit rating issues due to no fault of their own really, but they have fallen under the financial shortcomings of a partner.

One partner can end up with a bad credit score, simply because the other person on the account has not made repayments to the account. Often people are unaware their partner is generating defaults on their credit rating until it is too late. They apply for credit in their own right and are unable to proceed due to debts and bad credit their partner has initiated. The relationship may even have ended years ago.

4. Do your financial goals match?

Does one of you envision you both quitting your jobs in a couple of years to go travelling while the other has been saving for their own home? Is one’s greatest goal to pay back the 3 credit cards they’ve maxed out, while the other has plans to be debt free by the age of 40? If you establish some differences in what you want out of life, talk about whether there can be a compromise. You must identify how important each goal is and decide whether you really should be entering into a financial relationship at this stage. If your differences financially are too great – perhaps you can work out a way to still be together, but keep your finances (and credit files) separate unless your goals change.

5. Identify needs and wants.

If you decide you want the same things out of life, it might be a good idea to agree on financial priorities, so you don’t blow out all of your good intentions buying things you don’t really need. This could reduce your fights about money and ensure you’re both really on the same page. For instance, if you decide the most important thing is to save for your own home – you can agree that the new car, the expensive dinners and the designer wardrobe are only wants and can be put off until you reach your ultimate goal.

6. Make a joint money plan.

It may be a good idea to make a budget plan for you both to stick to, particularly if you have made a big credit purchase like a mortgage, car or business loan. There are a number of great free websites – ASIC’s Money Smart Website is a good place to start. You can decide who is paying bills, how they are going to be paid on time, where the money is coming from, how you are going to save and what money you will have left over for luxuries. If you don’t end up being the person in charge of paying bills – that doesn’t mean you can bury your head in the sand about your finances. Check the accounts every now and then. If there are any problems or your partner has missed payments – you’ll both want to know about it before your credit file is defaulted.

7. Leave emotion out of it.

During your financial relationship, things can go wrong – arguments can still occur despite your best efforts to prevent them. When it comes to money, agree for your disagreements to remain business-like. That way you can always keep a dialogue about money and there are no heated emotions attached to your discussions.

Likewise, if the relationship should turn sour you are still able to separate love and money. There may be less likelihood of post-relationship revenge purchases impacting your credit file. If you do break up and you have joint credit, notify your Creditors that you are no longer together. Make sure you both get separate statements and endeavour to separate credit files (by dissolving joint credit) as quickly as possible in order to keep control over your own credit history and keep your credit file clear.

If you haven’t been lucky in love, and your partner has left you with a bad credit rating, MyCRA Credit Rating Repair may be able to help. Contact a Credit Repair Advisor on 1300 667 218 for more information and to determine whether you may be suitable for credit repair.

Image: anekoho/ www.FreeDigitalPhotos.net

Image 2: photostock/ www.FreeDigitalPhotos.net

14/02/2013
7 ways to be smarter with your money and clean out the cobwebs on your finances this spring

Are your finances in need of a spring clean? Well this week is MoneySmart Week in Australia. We give you some inspiration to get in and tidy up those loose ends with your money and also your credit file – with our 7 ways you can be smarter with your money.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

MoneySmart Week is being held 2-8 September in Australia. It has some major Ambassadors, including our Governor-General Her Excellency Ms Quentin Bryce AC CVO and money commentator Paul Clitheroe.

MoneySmart Week is an independent, not-for-profit national initiative promoting the importance of financial literacy. The MoneySmart week website explains the importance of financial literacy:

MoneySmart Week 2012 includes:

• A call to action for all Australians to take the next step in their financial health: ‘Do a Money Health Check’.
• A National Awards program to recognise outstanding achievements in financial literacy.
• Promotion of existing money management programs, tools and resources.
• A range of special activities and events in workplaces and the community.

Why is financial literacy important?

Financial literacy is about understanding money and finances and being able to confidently apply that knowledge to make effective financial decisions. It affects quality of life, opportunities we can pursue, our sense of security and the overall economic health of our society.

To find out more about financial literacy, visit www.financialliteracy.gov.au

Do you consider yourself smart with your money? Many of us do I am sure, but are we always completely on top of everything? You can check how you rate by taking part in the Money Health Check – an online questionnaire to test how savvy you are with your personal finances. We would encourage everyone to get in and do the Health Check or at the very least, dust the cobwebs off those financial documents and make sure everything is in order.

We have devised some reminders for getting your finances together:

7 ways to be smarter with money this spring

1. Make a money ‘map’ to ensure you are aware of what you have, what you don’t and what you owe. This is the best way to be clear you are living within your means. By doing up a money map, you will have the benefit of knowing where you can squirrel away extra cash to help pay off any debts faster – you may have never known you had that extra money available without creating a budget.

For help with putting together a money plan ASIC’s MoneySmart website has a great budget planner. The Victorian Government’s Money Help website also has some great tips.

2. Make debt reduction a priority. Any extra cash that comes your way would be well used by reducing debt – especially those debts where the interest rate is high.

3. If you are able to, put extra onto your home loan. Increasing your mortgage repayments even slightly, can see you cut years off your home loan

4. Make sure every bill will be paid on time. This can come down to organisation as much as funds. With new credit laws on the horizon meaning lenders will be recording bills that aren’t paid on time as “late payment notations, it is advisable to get into the habit of paying your bills well before the due date every time to ensure you don’t miss one, and threaten your credit file health and ability to obtain credit in the future.

Bills missed past 60 days will mean your credit file is defaulted and you will face 5 years of bad credit – so it is absolutely essential to get repayment schedules right.

5. Assess your insurances – are they the best plans for your needs? Are they accurate and up to date?

6. Check your credit file – take advantage of your free annual credit report. A free copy of your credit report can be obtained from one or more of Australia’s credit reporting agencies – Veda Advantage, Dun & Bradstreet, and Tasmanian Collection Services (if in Tassie). Your free report will be mailed to you within 10 working days.

When you get your credit report back, here are some things to check for:
-Check your name is correct
-Check your date of birth is correct
-Check your driver’s licence number matches up
(If any of those things are not correct – you may be vulnerable to identity theft or mistakes on your credit report).
-Check your address history is correct
(If there is an address you don’t recognise on your credit report – this could also mean you may have been a victim of identity theft, or mistakes have been made in credit reporting where credit has been issued to your credit file incorrectly).

-Also assess each credit entry and make sure it is correct.
Are all the credit enquiries initiated by you? This is one of the first signs of an identity theft attempt.

If you have a default – should it be there? Is it yours? Is it fair? If a default is deemed unlawful, it may be required to be removed by your Creditor.

There are a number of reasons why a default could be unlawful – including errors, mistaken identity and incorrect details as well as unfair listings and listings where an incorrect amount of notice has been provided to the client.

For help with ordering your free credit report, and also repairing bad credit which shouldn’t be there, or if you just want to see whether you qualify for credit repair – contact a MyCRA Credit Advisor on 1300 667 218 or visit our main site www.mycra.com.au for more information.

7. If you’re throwing out any old papers – make sure you shred them. Your financial security is paramount, and the amount of personal information on many of our financial documents could be enough for a fraudster to go about trying to steal our identity. Unfortunately there have been cases of crooks sifting through rubbish to find this kind of information in order to piece together enough to go about requesting replacement copies of your identification. This gives them a ticket into your life – your bank accounts, your tax and potentially your credit rating. Fraudsters have been known to take out loans in the name of their victims – leaving them with debt and a damaged credit file.

The process of fixing bad credit after identity theft can be complicated. In some cases it has taken years to put right. So buy a good shredder, and cross-shred every piece of identifiable information before you throw it away.

Why spring is a good time to take stock of your money…

• It’s tax time. If you are due a refund – you will then know the way to make the best use of your return. Likewise if you are expecting a tax bill – you will know where you might be able to skimp to come up with the extra money you will need.
• It’s almost Christmas time. If you want to budget well for Christmas – you can start now.
• It’s transfer time. If you know you will changing jobs; moving interstate or downsizing jobs you can budget for any extra expenses that will ensue.
• It’s almost holiday time. If you want a holiday after Christmas, or you want to take time off with the kids in the New Year you can budget this in as well.

For the same reasons above you may also need to BORROW money and this is why checking your credit file and alleviating any inconsistencies is important well before you may need to apply for credit.

Basically it is ‘finance time’ and if you can allocate space in the spring time every year that you can dedicate to making sure your finances are as they should be – then you will be on your way to being savvy with your “everyday money” every day of the year.

This information is intended for general purposes only and should not constitute financial advice nor replace seeking help from a professional financial adviser.

Image 2: smokedsalmon/ www.FreeDigitalPhotos.net

Image 3: David Castillo Dominici/ www.FreeDigitalPhotos.net

06/09/2012
Lost your job? Three things you need to know to prevent bad credit haunting you long after you get a new one

Job hunting and credit files seem unrelated – but they are connected for three reasons. We tell you how when you have lost a job, or when you are in the process of finding a new one, there are some things that impact your credit file that you need to know about. If heeded – they can help you avoid bad credit.

By Graham Doessel, Founder and Chief Executive Officer of MyCRA Lawyers

Yesterday, an article from SavingsGuide.com.au What To Do When You Lose Your Job caught my eye. It went through the things you need to do to make sure you remain in the black with your finances after you have lost your job. This article is the inspiration for the first piece of advice:

1. If You Have Lost Your Job – Sit Down and Work Out What You Owe and What is Owed To You

Even if you think the situation is very temporary – you don’t have a crystal ball. Put measures in place straight away to protect yourself and your family from debt and bad credit.

Savings guide recommends taking advantage of any insurance policies of income or mortgage protection that you have in place immediately. It could take a little while to process the claim. If you don’t have insurance, don’t be too proud to apply for assistance with the Department of Human Services. The sooner you do this the better, as it could take up to a few weeks to process the claim.

You will also need to work out how much disposable income you have now, and tally up all of your bills that you consider will appear in the future.

ASIC’s MoneySmart Website has some great advice and specific links for further information on what to do if you find yourself unemployed. Here is an excerpt from their web page titled Losing Your Job:

Knowing where you stand financially

You will feel able to make clearer decisions once you know how much money you really have. Find out what you have in savings, then list every expense you’ll have to meet for the next 2 months. Use our budget planner and include necessities like mortgage payments, loans, health care, medicines, car and home maintenance, and insurance premiums.

What you want to do is avoid getting in arrears with your accounts at all costs. It only takes 60 days in arrears on any account to get into ‘default’ with creditors, and this notation on your credit file will mean you will probably be blacklisted from credit for 5 years – even if you find another job and get everything back on track a month or two later.

Once you have worked out how long your current funds are going to last, you will be in a good position to do the next task…

2. If You Have Lost Your Job – You Need to Put Your Hand Up and Tell Your Creditors

Don’t wait until you are in arrears (or in debt up to your eyeballs!) to let your Creditors know. As SavingsGuide recommends, negotiating with Creditors early is the smart thing to do:

“Whether it’s your mortgage or a monthly gym membership fee, you’re going to need to address these payments before they get out of hand,” writer Toria Phillips advises.

Financial hardship variations are encouraged in many industries, with new regulations having just been brought in for both the finance and telco industries.

Money Help, a website run by the Victorian State Government offers more help on how to apply for hardship with creditors in the correct way. They advise people to work out what they can afford to pay prior to requesting a hardship variation – so if you have done this you will have a better chance of coming to a more affordable arrangement with your Creditor.

The Creditor may be able to offer reduced payments and in some cases could stall any movements to default your credit file if you happen to get in arrears.

Creditors are legally required to consider a person’s request for variation on payment arrangements, but are not obliged to agree to any hardship variation proposal put forward. But there is a trend towards offering help before defaults – so it is crucial to ask.

Having your current debts at a more manageable level will allow you to concentrate on the actual process of finding a job. But beware (as if you didn’t have enough to worry about) whilst you are looking for a job you also need to look out for fraudsters…

3. Job Seekers Scam Warning – Be Wary of Giving Away Your Personal Details To Scammers

Last week the Australian Taxation Office issued a warning to job seekers that they were the target of scams. It reports they have received more than 10,000 reports on a wide range of scams including fake job advertisements, emails and bogus phone calls.

Tax Commissioner Michael D’Ascenzo explains the job seeker scam – that bogus job ads are being posted on recruitment websites by scammers, and that people are even being asked to provide their tax file numbers.

“Personal information can be used by scammers to lodge false tax returns in your name, enable the use of your credit cards or even result in people taking out a loan in your name. In some cases, identity crime can take years to resolve,” Mr D’Ascenzo says in a statement to the media.

Becoming a victim of identity theft is the last thing a person who has lost their job needs. This crime could mean what little money you may have left in your bank accounts is drained by fraudsters; or a much-need tax return is pilfered; or it could even mean you have debts in your name you did not initiate and your ability to obtain credit is compromised for years to come.

Don’t ever give a potential employer your Tax File Number, banking details or any other crucial personal details until you begin work with them! If you’re not sure – you can always contact the Australian Competition and Consumer Commission (ACCC) to dispel any suspicions before you give away your personal information. You can call them on 1300 795 995 or visit the ACCC’s SCAMWatch website www.scamwatch.gov.au.

Let’s hope your unemployment is only very temporary and you are able to keep your credit file free from bad credit during the process!

If you are currently experiencing bad credit due to a temporary financial hardship such as a job loss, it may be worth assessing whether your credit history can be reviewed by a professional credit repairer. Any listings which are deemed unlawfully placed for whatever reason could be required to be removed by your Creditor. Contact a Credit Repair Advisor on 1300 667 218 or visit our main website www.mycralawyers.com.au for more information.

This week running 2-8 September, is MoneySmart Week – Australia’s first ever national, not-for-profit, financial literacy awareness week. For more details visit the Australian Government Financial Literacy Board initiative www.moneysmartweek.org.au.

Image: winnond/ FreeDigitalPhotos.net

05/09/2012