Problems with Credit Corp - Evil Numbers
Last edited 13/06/2018 - 19:24
Hi all, this is a new account but I have been with the OzBargain community for years. Just want to remain anonymous if I get into trouble with them that’s all.
I had a credit card debt of $30,000 with Commonwealth Bank (salary was around $60,000). I couldn’t pay for the debt and it has been sold to Credit Corp since 2015 (For a few years I was unemployed and I suffer from depression). I found employment since then and have been working continuously. Since 2017 I have been working for myself and made 35,000 that year with $13,000 expenses (raw = $22,000).
1) I am with Credit Corp - no longer with the Commonwealth Bank Visa Card
2) The Commonwealth Bank sold my account as little as 20 cents per dollar to Credit Corp, so they could have bought the account for $6,000
3) At Credit Corp, the “opening balance” was $30,000 since 2015
4) Now still “owing” $28,000 after paying $13,000 over 3 years
5) When I asked for a settlement they were asking for $21,000 which made the total payout $34,000 which was 600% gain considered some could get away with $15,000 or $20,000
6) Even if I paid off at Credit Corp, it still showing money owing at Commonwealth, so there is no incentive to pay dollar-for-dollar (unless Credit Corp pays back Commonwealth Bank and clears my name)
7) Checked my credit file and it is still clean
I found help from Salvation Army Moneycare on December 2017 and they requested a statement from Credit Corp and it was the first time I knew they were charging 12% interest rate, and along the last few months, they reduced the interest rates to 6%, which both were not communicated nor agreed on. Should I knew I was doing this badly, I would use any external help including borrowing from others to settle the debt.
Recently I approached them again with the help of Salvation Army and ask for a final settlement. They were asking for $21,000!
I want to know if they have any misconduct and can I make any complain on the evil numbers?
Appreciate any pointers from those who know the industry
1) They never told me the interest rates
2) They never sent me any statements over the last 3 years and if I knew I was doing this badly, I would use any method include borrowing money from others (still a very large number I didn’t think I could borrow) to settle the debt
3) If they misconduct or having ethical issues where I need it most
4) Any government/non-profit arbitration/ombudsman as I genuinely believe they have been taking advantage of me where I need the most help
5) Will they pay back Commonwealth Bank and clears my name within the bank? (My external credit file is still clean)
Appreciate any tips or pointers, as I really need those comments to reduce the damage done. Thank you.