VIC Help with Credit Corp Queries?

[ajw86]

I have 2 debts with Credit Corp from Comm Bank, both personal loans. These debts are from around 2006 when I was 19-20 years old and I have been paying them pretty consistently.

The first debt was for $5237 and I have paid $7560.00 and still owe $2888.00.

Today I asked for my loan contract and I have been provided an unsigned loan application. Do I have any leg to stand on, given I have been paying the debt over 12 years. 181 repayments to be exact. I have tried to negotiate a payout figure, but they are not interested. Maybe because I pay the debt, but the interest accrues faster than I pay it.

I did have a small win. They said they would freeze the interest rate. I then checked my account and saw interest was still being charged, rang them, they called me a liar, then I gave them proof.

Second debt was for $10204.00 and I have paid $9025.00 and still owe $6475.00. I have been supplied a contract for this one, but still am frustrated after making 176 repayments they still will not accept anything to reduce the debt.

They have been pretty dodgy in the past when I was in financial hardship, recommending I sell my car to pay it off etc.

Recently, my wife has been diagnosed with a neurological disease and it has affected income and given she is only in her late 20's, it has been a massive mental strain on life. I don't know if I should talk to them about it and get some kind of grounds to help get rid of these debts. I don't want these hovering for the rest of my life.

Can anyone give me some help on what I should do? I know that I will be paying these until I die.

 

[Debtsol]

Don’t pay them ring them and tell them your wife’s health issues

 

[ajw86]

I have just checked on my debts with credit corp online, both have changed to $0 balance, but when I generate a statement, it still comes up with the same amounts owing as I have above.

If they cannot provide an original contract, can they actually still chase the money?

 

[Debtsol]

It may be statue barred

 

[Wade_77]

I have just checked on my debts with credit corp online, both have changed to $0 balance, but when I generate a statement, it still comes up with the same amounts owing as I have above.

If they cannot provide an original contract, can they actually still chase the money?

Hi ajw86,

Firstly, it should be noted that it is not always necessary for a contract to be signed to be legally binding.

Putting aside the issue with what and which terms of the contract are/were incorporated into the agreement, it would appear you may be liable for the debt and interest. You should seek legal advice and if you do so request a written costs agreement and disclosure statement which clearly outlines the firms fees and charges.

However I believe the issue may be less about liability but more about your personal financial circumstances. It appears you and your wife may be suffering financial hardship. You can call the National Debt Helpline on 1800 007 007 and speak to a financial counsellor for free. Alternatively, you can visit
www.financialcounsellingaustralia.org.au or www.ndh.org.au for further information.

Best of luck.

 

[kevin586]

"Today I asked for my loan contract and I have been provided an unsigned loan application."

The fact they provided you with nothing tells me they do not have it to give you. If this is the case its good news for you because without that they cannot take you to court unless the court is willing to to give the prosecution favourable treatment.

Request a verified, legible copy of the loan contract or agreement that clearly shows theirs and your wet signature. Do not accept anything less. In these days of click n contract, you absolutely must print out and keep the agreement you allegedly signed.

There are problems with click and contract because they cannot prove it was you did the click and contract. For all you know, it may have been done by a hacker who obtained your details.