Bad Credit Rating Removal Case Study
Citibank Default Removed
Client Profile:
| Name: | Michelle |
| State: | QLD |
| Sex: | Female |
| Age: | 44 |
| Married/Single: | Married |
| Listing Type: | Default |
| Original Creditor: | Citibank |
| Current Creditor: | – |
| Paid / Unpaid: | Unpaid |
| Listing Amount: | $10,029 |
| Commenced work: | 03/06/2016 |
| Default Resolution: | 27/07/2016 |
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Credit Repair Background:
Michelle missed payments as her husband was not working as he had just started his own business. She was made redundant from her job and was fortunate find employment quickly as a contractor; however, she was soon out of employment again. Michelle was off work for a few weeks then found stable employment however, her salary dropped $3000 net per month. Michelle was finding it hard to make ends meet, borrowed money from family for basic household essentials. Michelle suffered for about 6 months with her hardship.
During this, Michelle made monthly repayments, and also made an arrangement which she continued, however one payment was 5 days late due to having to borrow money.
What were any challenges with the creditor?
Citibank provided documents however there were missing statements. Citibank also initially advised that the default was listed correctly and will not be removed.
Why was the listing removed?
The default was removed as a complaint was escalated as her hardship was not evaluated properly under section 72 of the National Credit Code in assessing whether or not Michelle was capable of making the arrangements requested by Citibank.
We also disputed that Citibank did not provide Michelle with a Notice of Decision on Changing Credit Contract as per section 72(4) of the National Credit Code, as no notice was provided to our firm.
Summary:
Michelle was referred to our office by her mortgage broker. She had 2 defaults on her credit file and wanted them removed as she is applying for a construction loan. We managed to negotiate the removal of her listing in 54 days and Michelle is now a step closer in achieving her home loan. Congratulations Michelle!
Call MyCRA Lawyers today if you are struggling with bad credit and need a hand getting it removed fast. Call 1300 667 218
