Brad and Charlene are a middle aged couple, with no children, and live a modest life in Fredericton, NB. They own a home and have both enjoyed stable employment with the same employer for over 15 years. Around July 2009, Charlene’s mother was diagnosed with a rare form of nervous system disease; unfortunately, her mother did not have insurance that would cover a special treatment needed to treat her diagnosis. Charlene and her sister decided they would split the bills and help their mother financially get through the required surgery and medications required for pain and treatment for several months after.
Like hundreds of thousands of Canadians, Brad and Charlene are victims of bad timing with a life event. The additional monthly strain on their budget caused them to fall behind on their various credit card bills, their cell phone bills, and even their utility bills. Suddenly, they were receiving phone calls from collectors as they owed well over $11,000 dollars to their bank and others. After just several months of being chased by collectors and being delinquent on various debts, their long and proud credit history began to slide, to the point that no other lender would step forward and help them.
Brad and Charlene approached urLoan™ in July 2013 for a bad credit loan/debt consolidation loan. The objective was to pay off as much of their debt as possible, if not all, with a flexible term loan that they could both fit into their budget and pay back over the course of a couple of years. We reviewed Brad and Charlene’s history carefully, beginning with their banking and credit history. It was clear that they both had a very responsible track record up until the credit issues surrounding Charlene’s mom’s illness. Through urLoan’s due diligence, it was determined that Brad and Charlene were in fact hard working Canadians who just ran into bad luck. We were able to approve them for a family loan, based on their combined household income. It turned out, the collection agency even offered the couple a settlement offer on their prior debts, one that would eliminate the collection amounts off their credit bureaus and allow them to finally turn the corner on their bad debt situation, largely due to the fact urLoan™ was willing to put forward the debt consolidation loan today. The end result, Brad and Charlene saved well over $5,000 thanks to the collection agency’s settlement offer and urLoan™ was able to provide a debt consolidation loan which they will now pay back over 24 months.
urLoan™ provides flexible personal and debt consolidation loans ranging from $500-$2,500 with repayment terms ranging from 6 to 24 months. Call urLoan™ today at 1-855-723-LOAN (5626) or email [email protected] for further information.