You’re about to discover an AMAZING insider secret!!
This is crazy (good) … this time last year credit providers and regulators would flick us the bird when we reported gross errors and compliance breaches on consumer’s credit files.
It took us months of pestering the credit providers and reminding them of their legal obligations to correct the errors on a consumers credit file before they acted.
After the Banking & Finance Royal Commission, things are much faster; last week one of our subscribers removed an unpaid $30,000 credit default in 5 days… because of gross errors on the her credit file picked up by our software.
What’s more amazing!!!
We are discovering non-compliant loans in the dozens.
Credit Providers gave loans to people who couldn’t afford to pay them back.
This may apply to you…Even if you think it does not…
Don’t wait to be in financial hardship before you act
How is this possible..?
Because of the Banking Royal Commission…
Lenders non-compliant behavior has been exposed and regulators have been instructed to enforce the rules on Credit Providers who have breached the law!
You may think your credit card or home loan was processed correctly, however, more than 30%* of mortgages and consumer debt may be non-compliant.
Like to know more;
The central issue here is the use of HEM – the Household Expenditure Measure.
What we learnt in the Royal Commission was that many banks were using benchmarks to calculate serviceability, rather than looking at people’s actual expenses. One benchmark was the HEM – which was apparently pretty much set at poverty-line levels. What that means is that if your actual living expenses were more than the HEM (and unless you were on the poverty line, they probably were), then the bank was willing to lend you more money than you would normally get. That sounds great, but the flip side is that from the regulator’s perspective, the bank was giving people bigger debt burdens than they could reasonably be expected to carry.
That is, they breached their responsible lending obligations and put people into undue hardship.
Are you paying a loan you shouldn’t have been given?