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Judy & Lucas Restart with Refinance

About Judy & Lucas

Judy and Lucas had debt stacking up and no clear solution in sight.


Judy was on unpaid maternity leave when disaster struck: her husband, Lucas, was injured and unable to continue working. Unfortunately, Lucas had been working in poor conditions and could not claim WorkCover to cover medical expenses. His hours dropped to part-time, leaving the young family with no reliable income.

With medical expenses to cover on top of a mortgage and two car loans, Lucas and Judy started using a credit card to keep afloat. With debt stacking up and no clear solution in sight, the couple were looking for a way to get back on top of expenses and restart with a clean slate.

Refinancing their home loan seemed like a perfect option. However, with a bad credit history – including $500,000 of defaults and judgements – getting approval from a lender seemed impossible. That’s when they called Rapid Finance.

Age

Mid-thirties

Employment

Maternity leave & part-time

Income

One income, substantially reduced

Past Credit History

$500k in defaults & judgements

How We Helped

  • Step 1

    We didn’t give up! Even after falling short of initial refinance, we were able to work with Lucas to help him build the foundations of a successful home loan application.

  • Step 2

    We reviewed Judy & Lucas’ credit history and discovered that many of their debts were listed more than once or already paid off.

  • Step 3

    Lucas worked diligently for 6 months, making in-roads into debt. We were able to demonstrate Lucas’ improving financial situation and showed that the value of their home was much higher than the original refinance valuation.

The Outcome

A Clean Slate!

By refinancing their mortgage, Judy and Lucas consolidated almost $40k of debt, paid outstanding debts and lowered repayment commitments. They were also able to access $5k for personal use.

Judy and Lucas had bad credit, but through Rapid they got finance. How could we help you?
Apply for Finance Now

Other People That Rapid Has Helped

Please Note:
These case studies are based on actual outcomes we have achieved for real people. Their names and photographs have been changed.