HOW TO FIGHT UNLICENSED PAYDAY LENDERS AND PRICE GOUGING INTEREST RATES
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a. Disputes The Debt While Relying On Your Consumer Rights
b. Demands Proof Of Australian Credit License
c. Stops The Credit Provider From Telephoning You
d. Proposes A Fair And Commercial Settlement
i. A Debt Waiver Of The Outstanding Balance
ii. Cleans Your Credit File
iii. Stops Any Further Collection Activity
iv. Zero Interest Rate On Any Outstanding Balance
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Debt/Credit Tip 1
If you have a default on your file and you pay the debt the credit default will still stay there for up to 5 years. The status maybe updated to paid, but this doesn’t help when applying for a loan. It is very likely you will still be declined. You should insist on having the default deleted if you are going to pay the debt.
Debt/Credit Tip 2
If you pay a mortgage weekly instead of monthly you can reduce the term by more than 10 years
Debt/Credit Tip 3
Every time you make a credit inquiry for a credit card or personal loan your credit score decreases between 50 and 100 points regardless if you took the loan or not
Debt/Credit Tip 4
If you’re 14 days late in a credit card repayment with one of the larger banks or finance companies, that will be recorded on your file for 2years and will affect your score between 50 and 100 points
Debt/Credit Tip 5
If you’ll more than 60 days late on a mortgage repayment the bank can take cash from your offset account or your savings without you knowing. Avoid keeping savings in the same bank as your mortgage
Debt/Credit Tip 6
If you are late in making a mortgage repayment and have a redraw facility or credit line the bank can take the money from your redraw facility putting you further in debt.