Real Life

Is this You? Real Clients – with their names changed of course!

Tom is a self-employed plumber, and has been for just on 12 months. Tom focuses his business locally, and has been fortunate enough to land some pretty big contracts. These contracts mean that Tom has had to put on another tradesman to help with the workload. He also bought another van and stocked it with equipment. All up, this outlay cost around $40,000 – a loan he took out with his local bank. But Tom figured, it will return in the long run.

One of the factors Tom didn’t quite consider, was the fact that some of the jobs wouldn’t pay for a little while. And as a result, Tom fell behind in some of his repayments. Some of these repayments were more than 60 days overdue, and 2 of the credit providers put a default on Tom’s credit file.

Tom found out about this when he went to get an extension on his small business overdraft. The bank refused to extend his credit, even though the cash flow was coming in.

Tom needed to extend his overdraft to purchase some more equipment in order to handle the jobs. Tom tried a few other main stream lenders, and was refused credit there too. Tom then found an advertisement for BadCraaLoans.com.au. He contacted us via email initially as because he had been knocked back already a few times, didn’t feel like chatting over the phone just yet. We sent Tom a questionnaire that is designed to understand his financial situation without being too invasive, and more importantly what finance he requires today and later on down the track.

We discovered Tom would always need access to some funds, due to delays in payment from jobs. We discovered that Tom had equity in his home, and that by refinancing his home loan with a non-conforming lender, we could access the funds necessary for his upcoming projects – and wait for it – his monthly repayments encompassing all his business debts and credit card debts actually reduced his repayments by $700 per month. So a win win!

Could this be you too? Another client – name is undercover!

Mia is a bankrupt. She was discharged 6 months ago. Unfortunately due to a failed business venture and increasing business debts with little income – a Part IX agreement was the best way. See, Mia put all her own personal $$ into the project, so was literally wiped out. Fortunately, Mia landed herself a new job, and was in the role for about 6 months when she found the home of her dreams. Knowing what had just happened, and what would be showing up in her credit file – Mia thought she had no chance. That was until she found BadCraaLoans.com.au.

Mia contacted us via our online enquiry form, and from there we picked through the past 2 years, and came to understand how she got to where she is right now. Turns out, the bank was happy to lend to Mia 75% of the house value. Mia was then gifted some money from her parents to close the gap. Problem solved!