CASE STUDY – SUMMONS REMOVAL – Roy and Westpac

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Bad Credit Rating Removal Case Study

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Client Profile:

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Credit Repair Background:
There was a loan in his business name, but Roy was a guarantor for it. In 2007, Roy and his 3 partners were to build a retirement village and Westpac lent them the money for the first stage and with arrangements in place for the balance of the funding to complete the project. Following the GFC the bank had a change of heart and said they would not lend the previously promised funds. Roy and his partners were not then able to borrow elsewhere after the GFC. Roy and his partners had not missed any payments but despite this, the bank advised that the loan was in default. Westpac then increased their interest rate by 50%. Roy and his partners were then only able to keep the payments going for another few more months. Following regular and frequent meetings the bank initially advised they would give Roy consideration under extreme hardship conditions but this all came to nothing.

What were any challenges with the creditor?
Plaintiff’s solicitors refused to sign Consent Orders dismissing the Claim and Statement of Claim as there were other parties to whom there may yet be claims being pursued by the Plaintiff.

Why was the listing removed?
MyCRA Lawyers have provided evidence to Equifax that it was not possible for the Plaintiff to sign consent orders to dismiss the proceedings because they were still seeking to enforce the judgement against the other defendants. Equifax understood the logic behind this and stated that if they were to receive the notice of discontinuance from the court, they would remove the information from Roy’s credit file. Plaintiff agreed to file a notice of discontinuance and a copy of this was provided to Equifax. Subsequently, Equifax removed the summons.

Summary:
The Writ is stopping him from buying his new home and Roy engaged MyCRA Lawyers to investigate the likelihood of removal of a Writ and Summons listing on his credit file. The listing was the direct result of the time he was a guarantor for a loan. MyCRA Lawyers negotiated the successful removal of his bad credit default listing in 161 days. Roy can now confidently apply for home loan. Congratulations Roy and good luck!

Roy’s* name has been changed to protect privacy

Call MyCRA Lawyers today if you’re struggling with your bad credit rating and you need MyCRA Lawyers to help you get it removed fast. Call 1300 667 218

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