George lost his job a month before Margot had their first baby. Turning to their bank, they were offered a lot of unsecured debt at high interest rates which they accepted in a panic. Over the next few months, with increasing living expenses for the baby, their credit began a downward spiral. When George finally returned to work, their credit was so low the same bank that had previously been so generous now wouldn’t even renew their mortgage.
When Margot & George came to MorCan Direct, they were desperate and on the verge of losing their house. We found them a short term home equity loan to consolidate all of their unsecured debts under one payment and a much lower rate than they had been paying. We also advocated on their behalf to the credit agencies, so that within less than 3 months they were able to refinance their home and role the home equity loan into a new mortgage. The best part of the story? The new mortgage had a better rate than what their bank initially declined them for.
Disclaimer: Some names and identifying details have been changed to protect the privacy of individuals.