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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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Lion Finance has lodged a default

Customer Question

Lion Finance has lodged a default against my husband's credit rating even though he is making regular instalments. They are demanding he pay the debt in full and gave him the number of a GE Finance company called "Think Me" to pay the remainder of the debt.
Trouble is he can't get a loan because of the default noted on his credit file.
Why did they do this ?
We are about to apply for finance in our SMSF which has substantial funds and we both earn from three businesses a reasonable income.
We have tried reasoning with them and they are quite aggressive. My husband Richard Rendell deals with a guy called "Mitch".
Someone suggested we obtain an "instalment order".
Can you help me or refer me to someone that can ?
Kathy **
Submitted: 5 months ago.
Category: Australia Law
Expert:  Leon replied 5 months ago.
Good AfternoonMy name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.Is the amount on the default correct at the time it was placed on there and with whom has he made the arrangements to pay by installments, was it Lion Finance or GE finance?Is there anything in writing for the arrangement to pay it off?
Customer: replied 5 months ago.
The default is lodged by Westpac
Lion Finance bought the debt. At the time of recording the default it is difficult to know if the amount was correct. My husband believes it was less by a couple thousand dollars. Lion Finance is completely aggressive even though we make regular payments. They keep insisting my husband gets me (as the wife) with a respectable credit rating to raise the funds to clear his debt. They push an affiliated finance company like "Think Me" - they are underwritten by GE Money. Why the default action on his credit rating if he was making steady payments. Can I also say these payments are not an arrangement/installment agreed to btwn my husband and Lion. It's what we have opted to pay. They won't discuss arrangements just payment of debt in full. It's all they pursue on a regular basis. Cheers Kathy
Customer: replied 5 months ago.
Also yesterday my husband explained that no correspondence was received by us/him that Lion Finance has taken over the debt. Mitch said that he will put that in the mail to him last night Fri 13/5. A letter like that should have been sent by registered mail and receipt acknowledged. Now they are sending correspondence and referring to a retrospective action . There has to be a course of action here.
Expert:  Leon replied 5 months ago.
Good MorningIf there is an error then your husband can challenge it. How is westpac involved? You initially said Lion Finance applied the default? Was it Lion or Westpac?So the default has nothing to do with GE money?Who were the arrangements made with to repay by instalments and was that before the default?You need to tell me when the arrangement was made and when the default was applied? This is very important.
Customer: replied 5 months ago.
I am not sure you understand these types of credit issues. Thank you for trying sorry to have wasted your time.