MyCRA Specialist Credit Repair Lawyers

Tag: finance

WARNING – Why You MUST NOT Refer Your Clients For Credit Repair
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WARNING – Darren Loades Of Insurance Advisernet Explains Why You MUST NOT Refer Your Clients For Credit Repair To A Credit Repair Agency

Why Brokers MUST NOT Refer Your Clients For Credit Repair

If You’re A Finance or Mortgage Broker or Professional Adviser, Then You Must Read Why You MUST NOT Refer Your Clients For Credit Repair

Darren Loades (Expert Mortgage Broker PI Insurance Adviser) explains why you must not refer your clients for credit repair services through a credit repair agency.

In this short (edited version of a much longer) telephone conversation, Darren Loades of Insurance AdviserNet explains to Graham Doessel where Mortgage Brokers could find themselves without Professional Indemnity (PI) Insurance cover if they refer their clients to a credit repairer who is not a lawyer/law firm.

This (video on YouTube)is just the main points of the conversation, reproduced with Darren’s permission.

Darren explains the need to have a written referral agreement with MyCRA Lawyers – Get your’s here

Darren explains why:
- You must declare your referral income to your PI Insurer; and
- You must have a formal written agreement with MyCRA Lawyers; and
- You must not refer your clients for credit repair to a credit repair agency.
The video is just the main points of a 25-minute phone conversation between Graham Doessel of MyCRA Lawyers, and Darren Loades of Insurance Advisernet where Darren explained to Graham how a Broker referring their client to a credit repair agency, while knowing (or should have known) they (the credit repair agency) are not a law firm and therefore not legally entitled to offer Credit repair Services (legal work), are unlikely to be covered by their PI insurance in the event of civil litigation action against the Broker by the referred client.

This is something that, should a client referred to a credit repair agency get ‘miffed’ at you, could potentially destroy your business and so much more.

Example referring to a credit repair agency:
- Broker refers their client to (lovely, well-intentioned credit repairer) ABC Credit Repair Solutions; and
- Client does (or does not) get the outcome they wanted; and
- Client loses deposit; or
- Client loses the opportunity to buy the home etc.; or
- Client see’s what happened with other credit repair agencies in the media; and (another Shonky CRA)
- Client blames (see’s a potential pay-day) the referring Broker and sues you…
It seems the broker couldn’t rely on their PI cover for protection in the scenario above.

If this is a serious concern to you, please think about only referring your clients to someone you can trust. MyCRA Lawyers is the only Specialist Credit Repair Law Firm in Australia focused solely on Credit Repair with an independently and externally audited successful removal resolution rate of better than 9 out of 10 (91.6%).

So now you can make your mind up and decide if you must not refer your clients for credit repair to a credit repair agency, or if you’re willing to risk your entire business and reputation.

Choose To Protect Your Business, And Protect Your Reputation – Enter into a formal written referral agreement with MyCRA Lawyers HERE.

I look forward to welcoming you as a MyCRA Lawyers referrer.

Darren’s contact details for more information about PI insurance:

Darren Loades
Dip Fin Serv (Broking); Q.P.I.B
Authorised Representative of Insurance Advisernet Australia
Authorised Representative No 262182
Level 1, Niecon Plaza, Victoria Ave, Broadbeach Q 4218
PO Box 1735, Broadbeach QLD 4218
dloades@iaa.net.au | www.insuranceadviser.net/drloades
(07) 5538 7655 | (0414) 999 065

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21/05/2018
Introducing MyCRA Lawyers – For Professionals
Thank you for looking to better understand why it is that you should trust and partner with MyCRA Lawyers.
- You might be looking for more and better ways to add value to, and better serve your clients.
- You might be look to do this while adding a tidy little additional revenue stream to your bottom line.
- You might be looking to partner with a fellow professional that (like you) has the legal right and qualifications to advise your clients.
- You might have looked at the idea of credit repair before only to be left gun shy by the cowboys with little to no formal qualifications.
- Or you might just be plain curious to learn more and make an educated decision based on the facts.
Whatever your reason, the fact that you are still reading says that you do want to know more so let’s get into it…

MyCRA Lawyers is an Incorporated Legal Practice based in Stafford, just north of the Brisbane CBD in Queensland and because we’re based outside the CBD, many of our clients and referring partners just like you have found us both more affordable and more approachable than some of the much larger firm with very high overheads. This is further enhanced by flexible payment and fixed fee options for your clients.

Maybe you haven’t noticed all those clients that need a second chance yet. In the days and weeks ahead you might begin to identify more of your friends and clients that might have just hinted, or come right out and told you they have had issues, arguments and ‘discussions’ with their creditors. Many clients have had bad credit because of:
- Arguments with their Telecommunications provider over the bill
- A bad relationship split where he/she thought she/he was paying the bill (and no one did)
- A family member running up a huge mobile bill and hiding it from Mum/Dad until they paid it off (not quick enough to avoid a default)
- The Energy Company not sending the bill to the new address even though you asked them to disconnect and reconnect at the new address
- A debtor not paying you and you not being able to pay your creditor
- Being out of work for a few months
- A death in the family and all focus was on the family
- Hospitalisation for a time that meant you got behind with the bills
- Not being offered or extended hardship provisions
MyCRA Lawyers will advocate on behalf of you and your friend or client if you believe the bad credit default listing has been placed on the credit rating in error, unfairly, unjustly or any of the circumstances outlined above.

The credit reporting system, while some say flawed and is in need of improvement, is still a valuable tool and needs to be there to catch-out ‘serial defaulters’ that understand and abuse the system. Because of this and other factors, not all clients will qualify for MyCRA Lawyers Credit Restoration Services. We will however, assist you by making a determination, and usually within one business day of having received the appropriate information.

There is no magic pill and not all clients will be successful in having all of their defaults removed and while we have possibly the best reputation in the country when it comes to Credit Repair, some clients may pay their fees, and not get the results they’d hoped for.

Defaults can only be removed if it is evidenced by MyCRA Lawyers that the creditor
- has not afforded your client their consumer rights
- has made a mistake in listing the default
- has breached the (up to) 8,000 plus pages of legislation surrounding and important to Credit Reporting.
Isn’t it nice to know that people build stronger relationships with their friends and clients just by helping them

You’re a professional and you value integrity, your clients expect honesty and want you to tell them if they have credit repair options

Fully consider this – One of our (now regular) referring Firms told us that one of the senior partners spoke to a client we’d helped and the client (name withheld) said that they thought they’d be stuck with the bad credit rating for 4 more years and were seeking advice how to access non-conforming loans. They didn’t want to have to pay what they thought were criminally high interest rates and were beside themselves with the fear of not being able to borrow, and possibly losing their business. Their Finance Professional stepped in and suggested they investigate credit repair as an option.

The clients did their own research to validate the referral and decided to trust MyCRA Lawyers and before too long were able to restructure, refinance and expand their business, and all at prime rates with a clear credit rating – and all of this because of the referral they received. You can only imagine how strong the bond is between client and professional is now.

If you want to partner with MyCRA Lawyers to help you to add value to your existing and future clients, Call Nathan Gough in our Stafford Office on 1300 667 218 to get the process started today.

Thank you again for taking the time to discover why more and more finance professionals just like you choose to trust MyCRA Lawyers as their preferred Credit Repair Partner.

With warmest regard
MyCRA Lawyers

Graham Doessel
Founder, CEO &
Non Legal Director
06/05/2014
Don’t let a bad credit rating force you into unsuitable finance

The Age recently reported on a Tribunal hearing involving a well-known finance company.

The Victorian Civil and Administrative Tribunal found that a motor trader who primarily targets people with bad credit history had a leasing process which was seriously flawed and in urgent need of change.

The customer in the case lived on a low income, had been through a bankruptcy and suffered from chronic depression. The Tribunal found the company used inaccurate financial analysis, unfair tactics and unreasonable pressure to get the client to sign a contract.

After the hearing the company was ordered to set aside a car lease and compensate its customer.

Read more: http://www.theage.com.au/money/borrowing/credit-scoring-hammered-20110607-1fpp2.html#ixzz1OvztZSXi

The above example may not be a true reflection of all transactions with the motor trader in question. But it does highlight the need for people who find themselves in a situation where they cannot use the major lenders to do adequate research before deciding on alternative finance.

People with a bad credit rating have their options severely limited when it comes to obtaining finance. Most of the major lenders refuse to lend to someone with a bad credit history – often with good reason.

A person’s credit history shows their ability to repay a debt. Under Australia’s new responsible lending laws, it would not be ethical to offer further credit to someone who already demonstrates problems with repayments.

The thing is many people with a bad credit rating still need to buy cars, live in houses and use phones.

What are the options for someone in this situation?

Well, it depends on what a person’s credit file reads like. In the situation above where the consumer has a bankruptcy on their file – the options are unfortunately limited.

But a little more research, perhaps leasing a cheaper car and having a trusted adviser help in negotiations with finance companies, or even going away and thinking about it before signing may have helped the customer in this situation.

In many other cases, people can take the above option, or they can discover whether they may be suitable for credit repair.

Credit repair is an option for any person who has a default, writ or Judgment on their credit file which they believe is inaccurate, is unjust or just should not be there.

A successful credit repair allows the consumer to have the black mark/s completely removed from their credit rating.

This lending options that they would have had prior to the blemishes on their credit file. So, they can borrow at a lower interest rate with the lender of their choice (provided they meet all other criteria of course).

This can potentially save them thousands of dollars in interest alone.

Credit repair is not encouraged as an option for a consumer who truly has a problem repaying debt. This person should look at minimising as much credit from their lives as possible, and possibly entering into some financial counselling, so that when they are able to borrow again, they don’t repeat the cycle.

However, there are a large number of people with a bad credit rating who are not struggling with repayments. They are simply carrying the bad credit rating unfairly.

Many people are victims of simple and sometimes complicated errors with billing procedures from creditors, are victims of identity theft, have had joint lending situations go wrong (such as divorce, guarantors etc) or have had the default listed incorrectly.

Despite all of these very fair complaints many consumers have been unable to settle the account themselves with the creditor and unable to remove the offending default, writ or Judgment from their credit file.

They are then left to navigate the world of ‘bad credit history’ finance, which can sometimes leave them with more problems than when they started, due to the often high interest rates involved.

So if people know anyone, or are in the situation themselves where they do have a bad credit rating which shouldn’t be there – it could be good advice to get them to seek out a reputable credit repairer to review their credit file and help them back to financial freedom.

Contact www.mycra.com.au for more information on credit repair.

<p><a href=”Image” _mce_href=”http://www.freedigitalphotos.net/images/view_photog.php?photogid=879″>Image”>http://www.freedigitalphotos.net/images/view_photog.php?photogid=879″>Image: luigi diamanti / FreeDigitalPhotos.net</a></p>

14/06/2011