NSW Do I Have a Case Against Credit Corp?

[CartmanE]

Hello All,

To cut a long story short, Credit Corp made me an offer (in writing via email), I accepted it, they acknowledged it was an error on their behalf (via email) and won't accept the deal because they say, they've accepted the error and corrected it.

Secondly, when I asked them for a statement, they sent me one but it just had the opening balance and interest. It was not itemised; I mean no dates and times for when the money was spent.

Do I have a case with either of those points above? I have already submitted my contentions to their internal dispute resolution team (also known as team tits on a bull).

Thanks in advance.

 

[Rob Legat - SBPL]

Re the first point: That's rather complicated, and can depend on the particular facts and circumstances. Without further details the following may help you: If you knew their offer was 'too good' and likely to have been a mistake by them, then they probably have the ability to revoke the offer even if you have accepted it.

Re the second point: This is assuming the account is regulated as consumer credit. Section 34 of the National Credit Code requires a statement of account to contain:
- The beginning and ending dates (and the below information is to relate to transactions within that period);
- Opening and closing balance;
- Particulars of each amount of credit provided;
- [If a credit card] the identity of the provider of the cash/goods/services;
- [As long as not a small amount credit contract] the particulars of interest charges, and the annual percentage rate;
- Particulars of any fees and charges;
- Particulars of each amount paid/credited/transferred to the account;
- [If a continuing credit contract] the minimum payment amount required, and when it is due;
- Details of any insurance payments; and
- Corrections.

'Particulars' generally means the date, the amount, and the type of transaction. In the case of interest, it is specifically required that the amount of the interest charge and when the interest is debited to the account must be shown (i.e. the date charged).

Be aware that if the matter has been litigated and the amount is now a judgment debt - it is no longer a credit contract and the above does not apply.

 

[CartmanE]

Thank you Rob for your reply.

During my negotiations with them, the offer in question was one that I put forward to them (verbally). They did not accept it during our phone discussions but it ended up in their email to me (as a choice with another offer that was not acceptable to me). That is the fact. They even accepted that it was their mistake. It's as simple as that and I'm hoping the law will take my side on this one. It's really as simple as that but if you want anymore information then I'm happy to provide it.

Regarding the second point, it's nowhere near what you've mentioned. They've given me an opening balance then interest charges on the opening balance and that's it. From one of the other threads I got these 3 terms:
Notice of assignment of the debt, the deed of assignment and the original credit contract that you signed with CBA (CBA pertains to the topic in that thread).

Are these three separate things, am I entitled to ask for them? Anything else you can recommend. Happy to provide more information if needed.

Thanks once again.

 

[Rob Legat - SBPL]

Regarding the offer: Given that they rejected the offer when you put it to them, I think they would have sufficient grounds to void the offer. This is on the basis that you already knew that the offer was not acceptable to them, which would put you on notice that their making of the same offer (that they've already rejected) was probably mistaken.

Regarding the statement: Okay, you've mashed different concepts together. The first is a 'statement of account' - which is what I've described in my previous post. What they may have given may be compliant if there are no other transactions than interest charges in the relevant period - and they give you a closing balance, and a percentage rate...

Copies of the documents is a separate matter, governed by a separate part of the Code. You'll need to make a written request to them to ask for your original credit contract (including any amendments), any related mortgage or guarantee, any credit-related insurance contract, and copies of notices given under the National Credit Code (or whichever of these you seek).

The assignment document should form part of the 'notices' part. You're not entitled to a copy of the assignment terms between the original credit provider and Credit Corp - it's likely the case that they apply to a parcel of loans in any case. What you are entitled to is a notice that your contract has been assigned and Credit Corp's credit guide - which they are required to provide you by law "as soon as practicable" after assignment.

Once the credit contract is assigned to Credit Corp, they are responsible under the Code - so don't accept any 'blame shifting'.

Document copies, once requested in writing, must be provided:
- Within 14 days, for anything which is 1 year old or less ; or
- Within 30 days, for anything over 1 year old.

 

[CartmanE]

Okay thanks once again, Rob. Much appreciated. I have a few more points but I'll keep those under wraps. No doubt their reps will be reading this forum.

 

[kevin586]

Hello All,

To cut a long story short, Credit Corp made me an offer (in writing via email), I accepted it, they acknowledged it was an error on their behalf (via email) and won't accept the deal because they say, they've accepted the error and corrected it.

Secondly, when I asked them for a statement, they sent me one but it just had the opening balance and interest. It was not itemised; I mean no dates and times for when the money was spent.

Do I have a case with either of those points above? I have already submitted my contentions to their internal dispute resolution team (also known as team tits on a bull).

Thanks in advance.

Yes you do. Firstly if they made you an offer which you accepted therefore you have a contract with them, a contractual agreement.

The fact they stuffed it is their problem, you are under no obligation to make good their mistakes.

Tell them you have this agreement with them and you will abide by the terms and conditions of it and you will hold them to it also.

i hope you asked them to provide proof of their claim to the debt in that offer???

Stand your ground on this, you have a very good case.

 

[CartmanE]

Thanks Kevin. I won't write much more as I don't want to give away anything (no doubt they'll be here). Hoping to update with a positive outcome.