I purchased a van on hire purchase in 2004, after a year I rang the finance company and explained that I could no longer afford to keep up with the payments, that were at that time up to date. The finance company arranged for the vehicle to be picked up and then on-sold. the balance owing after the sale was around $5000. I agreed to pay $20 a week after that. A year or so later I went to purchase another and when a credit check was done I then found out that the balance was lodge and left me with a bad credit rating. I was not notified of this and when I tried to contact the finance company i was told that i was in breach of the contract that I first signed with finance company. I carried on paying the debt at $20 a week. I tried to contact them to try and finanlise the account however they have gone into remission/recession???? or no longer exist. I am wanting my credit rating returned.
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Hi Fran, i have not yet received a reply, thanks Wini
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HiWelcome to JustAnswer. Your first step is to find out what your credit record says. You can get a copy from Baynet/CRA who must supply you with a copy. The previous arrangement was a default in payment and the finance company would have lodged a default against your record. This means that the record should come up when you search the credit rating agency. If the finance company has now gone out of business, you should approach the credit rating agency and say that you cannot settle the debt with them because they no longer exist. If your record is wrong you can ask the Privacy Commissioner to correct this.
LLB MMgt FAMINZ 32 years qualified as lawyer
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