
Bad Credit Rating Default Removal Case Study
MyCRA (Specialist Credit Repair) Lawyers Client Profile:
Name: | Rachel* |
State: | QLD |
Sex: | Female |
Age: | 52 |
Married/Single: | Married |
Listing Type: | Commercial Default |
Original Creditor: | Commonwealth Bank of Australia |
Current Creditor: | – |
Paid / Unpaid: | Unpaid |
Listing Amount: | $21,828 |
Commenced work: | 12/09/2017 |
Default Resolution: | 23/08/2018 |
Credit Repair Background:
The economy was down and times were tight for Rachel and her husband, unfortunately, they were forced to close most of their business down. After 10 months or so, they were forced to close the remaining business down. previously, all machinery had been sent to auction by Rachel and her husband, they set reserves and came out clean. CBA had now stepped in and sent 1 piece of machinery to Auction, supposedly sending to Brisbane but in fact went to Auction in Townsville. No reserve was set and an $80,000 machine was sold for $12000 leaving Rachel and her husband with a shortfall of $21000. A representative from CBA advised that he would be in contact with Rachel and her husband once auction was over to organise a payment plan if there was a shortfall. Rachel and her husband heard from the CBA representative as they were using wrong contact details; Rachel’s email and mailing address had changed as they were then forced to move out of their family home and sell up.
What were any challenges with the creditor?
CBA were adamant that the default was valid and they refused to remove the listing at the time of the investigation.
Why was the listing removed?
CBA has offered to remove the listing and pay $3000 compensation to Rachel and her husband if they indemnify them from all claims.
Summary:
Rachel and her husband engaged MyCRA Lawyers to investigate the likelihood of removal of a CBA default listing on their credit file. The listing resulted when Rachel and her husband were forced to close down their business due to a slump in the earthmoving industry. MyCRA Lawyers negotiated the successful removal of her bad credit default listing in 345 days. Rachel and her husband* can now move forward financially. Congratulations Rachel and good luck!
Rachel’s* name has been changed to protect privacy
Christine’s* name has been changed to protect privacy
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