Australia Law

Have Australian law questions? Ask a lawyer now.

Ask a Lawyer,
Get an Answer ASAP!

I had a credit card debt sold to Pioneer credit in 2011 for…

Customer Question
Hi Pearl I had...

Hi Pearl I had a credit card debt sold to Pioneer credit in 2011 for $20K I have paid $14125 back plus $6500 in interest. They informed me I still owe more than $12,000. Where do I stand with this? I understand the debt was on sold to Pioneer but how do they legally charge me interest when I had no say in it being on sold. I do not have access to re use the funds from the original credit card that I have paid off, so why am I paying pioneer interest? Just do not understand how this works.

Lawyer's Assistant: The Lawyer will need to help you with this. Have you consulted a lawyer yet?

No I have not

Lawyer's Assistant: Please tell me everything you can about this issue so the Lawyer can help you best. Is there anything else the Lawyer should be aware of?

I have never signed anything with pioneer credit, nor do I receive any communication from them regarding payments which have been direct debited from my account. I just don't understand how I can pay back a debt to a separate company of $21,000 and still owe $12,000. As far as I am concerned the debt has been finalised. What do you need from me?

Lawyer's Assistant: OK. Got it. Last thing - JustAnswer charges a fee (generally around $18) to post your type of question (you only pay if satisfied). While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.

Submitted: 2 years ago.Category: Australia Law
Show More
Show Less
Ask Your Own Australia Law Question
Answered in 14 minutes by:
2/11/2016
Solicitor: Patrick H., Lawyer replied 2 years ago
Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
Experience: Dip Law LPAB - Sydney based lawyer
Verified

Hello and thank you for your question.

When your credit provider 'sold' your debt' the purchaser acquires all the rights to interest, etc under the original credit card agreement, this is why they are able to charge interest on your debt. Just make sure there calculations are correct and that they have included ALL the payments you have made to either the original credit card company and the debt collector.

Generally credit card contracts contain clauses allowing the credit provider to terminate the line of credit at any time and then call in the loan, at which time you wil lose the ability to draw on further funds, but are still liable to repay and pay interest your debt to that point.

The interest they appear to have been alleging you have acquired over the period does seem high, so again you need to check your figures, but if your credit card debt was $20,000 in 2011, you may have been incurring something in the order of $4,000 a year in interest on your debt (credit cards often charge something in the order of 20% per year interest), so if it took you the full 5 or so years of regular payments to pay back $20,000, a further $10,000 or so in interest would have accrued on top of the original amount, and it would be more, if most of your repayments occurred later rather than earlier.

I trust the above assists your understanding.

PLEASE RATE MY ANSWER.

Patrick

Ask Your Own Australia Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a solicitorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Patrick H. Your Own Question
Patrick H.
Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
5,422 Satisfied Customers
Experience: Dip Law LPAB - Sydney based lawyer

Patrick H. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Deborah Awyzio

Deborah Awyzio

Solicitor

863 satisfied customers

Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience

Sean

Sean

Experienced lawyer

855 satisfied customers

Law degree with 1st class honours from Australian National University.

James G.

James G.

Lawyer

17 satisfied customers

Australian Legal Practitioner

Darren Kruse

Darren Kruse

Solicitor

16 satisfied customers

Practising in in Personal Injury, Workcover, Civil Disputes, Family, Wills and Estates and Criminal law.

Leon

Leon

Solicitor

27,790 satisfied customers

BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

Daniel

Daniel

Solicitor

5,976 satisfied customers

Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court

John Melis

John Melis

Lawyer

3,352 satisfied customers

Principal Lawyer at Legal AU Pty Ltd

< Previous | Next >

Related Australia Law Questions
My husband was made redundant on the 20/11/2017, no payment
Good morning Pearl, my husband was made redundant on the 20/11/2017, no payment of entitlement's has been made how long do they have to finalise settlement & are they entitled to back pay? … read more
John Melis
John Melis
Lawyer
Diploma In Law
3,352 satisfied customers
Iam i in Victoria, not sure yet, the matter at hand is that
not sure yet, the matter at hand is that i have had a credit card debt owing fr over 4 years now which i am still unable to pay … read more
Daniel
Daniel
Solicitor
Bachelor's Degree / Graduate Diploma
5,976 satisfied customers
My wide leant her brother 40k at the start of the year which
My wide leant her brother 40k at the start of the year which was suppose to be a short term loan. Still nothing. He sold his apartment in Melbourne and she was suppose to be paid back from the settlement. … read more
Daniel
Daniel
Solicitor
Bachelor's Degree / Graduate Diploma
5,976 satisfied customers
My question is hopefully rather simple, my credit card debt
Hi there! My question is hopefully rather simple, my credit card debt has been sold to a third party company called Panthera Finance. I am wondering if they are legally allowed to continue to charge m… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
I have been offered a settlement on a $2,800 debt to pay
Hey Pearl I have been offered a settlement on a $2,800 debt to pay just $700 of the amount to settle the account. to the same people at Pioneer Credit mentioned in another enquiry. I am wandering why … read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
A , sure. my credit card debt has been assigned to a
sure. my credit card debt has been assigned to a debt collecting agency, while i was overseas. I have not received any notices nor can the debt collection agency provide any proof of ownership … read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
I have a credit card (CBA)from a previous marriage and now
I have a credit card (CBA)from a previous marriage and now the debt has been taken over by Pioneer Credit. The original balance was $31,000 and now is $35,000. The interest rate they're charging is 20… read more
Daniel
Daniel
Solicitor
Bachelor's Degree / Graduate Diploma
5,976 satisfied customers
My previous company went into liquidation several years ago
My previous company went into liquidation several years ago and is currently being handled by administrators. I had two credit card debts that were in a personal name but used within the above mention… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
hi I have received a letter and heaps of calls from pioneer
hi I have received a letter and heaps of calls from pioneer credit saying they bought a debt of mine with commonwealth from a long time ago and I only owed 14k and they have put heaps of interest on i… read more
Peter J R Gauld
Peter J R Gauld
Solicitor
Bachelor's Degree
571 satisfied customers
Dear sir / madam, I would like to ask for your advice, I
Dear sir / madam, I would like to ask for your advice, I have a personal loan with the bank and they have transfer my file for debt collection n in demanding for full payment, without given me to nego… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Hi, I have just broken up with my partner of 6 years (same
Hi, I have just broken up with my partner of 6 years (same sex relationship). I moved in with him in June 2008, into his home in Beaumont Hills, Sydney. At the time he paid his mortgage and his credit… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
I got a credit card in my name and a secondary card for my
I got a credit card in my name and a secondary card for my daughter I have never used the card myself and she has ran a debit of $6500 and now refuses to pay what can I do I am on a disability pension… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Hi, my ex owes a lot of child support ($20K) and I was wondering
Hi, my ex owes a lot of child support ($20K) and I was wondering if it might be advantageous for all parties if we were to establish a lien/security/encumbrance against his mortgage/property to cover … read more
Alex
Alex
Lawyer & Solicitor
Master
11,225 satisfied customers
A sale of a business was being paid off over a span of a few
A sale of a business was being paid off over a span of a few years. The person who sold the business passed away 2 years before the final payment was due. The other assets of the estate have been sold… read more
Patrick H.
Patrick H.
Lawyer
5,422 satisfied customers
hi there, i had agrement with a law firm in sydney around
hi there, i had agrement with a law firm in sydney around 5 years ago. I sign a cost agrement based on hourly rate and invoices was going to pay monthly.(I alos asked them to find out how much their c… read more
Alex
Alex
Lawyer & Solicitor
Master
11,225 satisfied customers
the finance company has already re-possesed my car and sold
the finance company has already re-possesed my car and sold it off. After the sale they are now after me for the balance of the amount. The way the calculate the pay out figure is absolutely ridiculou… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
If a finance company ( Esanda for a vehicle ) hand over an
If a finance company ( Esanda for a vehicle ) hand over an unpaid debt to a debt collection agency ( Repcol ) and the debt repayments are made by the consumer, is the finance company able to reclaim t… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
I finalised my divorce and property settlement early 2009.
I finalised my divorce and property settlement early 2009. In this agreement I was to assign half of the value of my Superannuation (my exhusband did not have any super) PLUS an additional specified a… read more
Alex
Alex
Lawyer & Solicitor
Master
11,225 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x