For Debt Consolidation
Kaitlyn works full-time as a police officer, but she was out of work for almost a year because of an injury outside of work. During which, she depleted her savings, maxed out her credit cards, and became delinquent on some of her accounts. Her credit score plummeted and was constantly harrassed by collection agencies.
Our client came to us for help. We were able to pay off all her outstanding unsecured debts and consolidate them into 1 low monthly payment. We got our client 2 new secured credit cards, and were able to repair her credit within 12 months.
|1st Mortgage Balance:||$324,000|
|Home Equity Loan Amount:||$30,000|
|$16,700 Visa Card Debt:||PAID|
|$4,000 High-Interest Payday Loan:||PAID|
|$3,500 Debt in Collections:||PAID|
|Credit Score Before vs. Now:||544 vs. 672|
|Payments Before vs. Now:||$875 vs. $248 per month|
For Mortgage or Tax Arrears
Aidan owns a construction business and re-invests most of his earnings back into growing it. Between work, family, and friends, he slowly let his finances fall apart due to his busy life. Aidan's credit was damaged and owed 3 to 4 years of property taxes and income taxes to the Canada Revenue Agency.
Luckily for our client, even with his self-employment and bruised credit, we were able to work with our lenders to get the funds he needed within 1.5 weeks to pay off his property and income tax arrears. We also paid off our client's credit cards and enrolled him into our credit repair program.
|1st Mortgage Balance:||$359,000|
|Home Equity Loan Amount:||$57,000|
|$10,900 Property Tax Arrears:||PAID|
|$34,300 Income Tax Arrears:||PAID|
|$7,000 Credit Card Debt:||PAID|
|Credit Score Before vs. Now:||636 vs. 683|
|Payment Home Equity Loan:||$522 per month|
For Home Improvements
Tim and Belinda are semi-retired and have lived in their home for more than 15 years. They were looking sell and move to a new house next summer to take advantage of the booming real estate market. However, after 15 years, their home needed some repairs and they wanted to save their cash.
We got our clients a short-term home renovation loan so they could put work into their floors and kitchen, which increased the value of their home. Our clients were also happy to get some extra cash to help with the closing costs when they buy their new house.
|Home Value after Renovations:||$568,000|
|Home Equity Loan Amount:||$35,000|
|Cash Back to Clients:||$6,000|
|Payment Home Equity Loan:||$263 per month|