Charles had recently paid off his car loan but soon started to incur bills from mechanical issues. He started to apply for different credit applications for short-term help, but he had no idea the damage he was doing to his credit score and long-term future until it was too late.
Charles purchased a vehicle for work and by 2019 he had paid off the loan. However, just one month after the final payment, the car started having mechanical issues that would turn into a five-month nightmare.
After taking the vehicle to multiple mechanics, Charles finally thought he’d found the right one but unfortunately, they weren't honest with him about the fees, in fact he incurred $2,700 just in labour costswith no parts purchased .
The vehicle turned out to have very serious engine issues and because his three credit cards were at their maximum, Charles applied for quick credit with payday lenders to cover the mounting costs.
Unfortunately, those payday loans had extremely high interest rates and his small loans soon turned into very large, serious debts.
Charles worked with a broker who helped him apply for a Wisr loan. 24 hours later, the funds for his $50,000 Wisr debt consolidation loan was in his account and the broker walked him through everything he needed to do.
After paying off his three maxed-out credit cardsand closing them , wiping his bank debt and all of the payday lenders, Charles can’t believe the financial relief that he now has.
In less than three weeks from being approved, Charles is now seeing the majority of his wages becoming available for the very first time, he’s living within his means and he no longer has to live off credit.
He’s also learnt a valuable lesson in understanding the importance of his credit score and improving his financial literacy, something he believes really needs to be available in schools and in the workplace - no matter what your job or skill level is.
Who would have thought a wrong number would see Charles on his way to being debt free in just five months.
Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.