Hi all,
Does anyone know if there is a way to remove a defualt from your craa?
I have been told there is a way.
I have 1 defualt that is stopping me from Achieving my ultimate Gaol.
can anyone help??
-cheers
Morning Mark.
I find it interesting that you types ‘gaol’ instead of ‘goal’! Hmmm.
Anyway, the best start is for you to discuss your CRAA file and to start I would suggest you contact Baycorp Advantage in North Sydney – either direct or via their website.
They will help.
Gerry.Gerry G
Hi,
Yes it is not impossible to have a CRAA default removed. But to take your case to Baycorp you will really need to have substantiated evidence showing you that were not at cause of the default. Moving house, not recieving statement etc will generally not be acceptable. There is a company that does deal in removing contestable CRAA defaults. But they must be a default that is contestable. They are called DR Capital. Google them, they’ll cost you somewhere around $2k to contest with no guarantee. Depending on the type of default ,LVR, lender (maybe LMI) percieved risk you may still be eligable for finance. This is the area i work in.
Hope this helps.Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
When the Banks say “no”. We say GO!
m: 0404 362 262lsn | Loan Saver Network
https://loansaver.com.au
Email Me | Phone MeEveryone Deserves a Fresh Start!
Hi all
I have done debt collecting and other related stuff for a solicitor.
You can not have it removed, but you can have a letter, note etc attached to the default on your CRAA explaining the circumstances.Also, get an offical letter from the firm involved stating that the debt has been paid and any other circumstances that caused the default.
I have done this for businesses, when they had problems getting finance. It was enough to satisfy the lenders.
Let me know who the firm is who placed the default, I may be able to give you more specific advice.
I am guessing you in your early 20’s and it vodaphone or the like.
Celeste
I must re inforce the word contestable, which mean it is contestable if it is another parties fault. Ie the lender, or business who initially put it there. I have successfully been involved in transactions where the CRAA default was removed. But again this default was listed and acknowledged as a mistake by the business who listed it. Which was then removed from clients CRAA file. Paying a bill or loan after it is listed only notes the default as paid. Under the privacy act a consumer has the right to amend incorrect information on their CRAA file.
See http://www.privacy.gov.au/publications/craa.html#3 for more information regarding your credit file, how to amend and access your information.Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
When the Banks say “no”. We say GO!
m: 0404 362 262lsn | Loan Saver Network
https://loansaver.com.au
Email Me | Phone MeEveryone Deserves a Fresh Start!
Hi colin
Further to the discussion, I find that most of the time, once a lender has a clear picture of how the default came about and that it was settled they are happy.
The last one I fixed came about over a disputed bill for works done or not done on a forklift, I the bookkeeper refused to pay the bill as I disputed that the work they said they carried out was actually done. the forklift was the same after they left – not fixed.
After about 1 year of arguing over it they sent a summons and placed the default on our CRAA. Eventually it was settled.
the firm I worked for then went for finance of around 700k for new equipment – then CRAA default problem – a note on CRAA default listing and a letter from the forklift firm stating all settled = finance.
Though if my assumption is right about age and the vodaphone or the like account, is a little different as it showslack of financial responsibility / maturity and is a darn site harder to get around.
Vodaphone loved default listings a few years ago. A little late and you got one, and for a youngun they hang around like a bad smell.[ohno]
Celeste
hi guys
thanks for the reply.
Celeste your spot on.
I am 24 and the default is with vodafone.
there is no dispute in it. It was just me having some financial difficulties at the time.
the default will be removed by the end of next year, Does anyone know regardless if it was paid or not does it automatically get removed from your craa?
Now I always thought that once your craa has been affected then after 4years it will be removed from your public file and cannot be listed again.
is this correct?
Hi Mark. I understand it to be 5 years. Once the credit provider has advised the CRA of a default such as yours, they are also obliged to advise them the outcome, such as any agreements reached, and or if it has been paid. If you have paid it out, it should show this, and if you are applying for any finance, you may find that mentioning it up front, explaining what it was and that it has been paid, will be seen in a more favourable light than not doing so. Depending on what finance you have in mind, there are some quite competitive home loan products now that for one or two defaults under 4k or so, are no drama. ….depending on what your ‘ultimate goal’ is….anyway, all the best.
I agree with V8g, listings last for 5 years from the date they are listed. If you pay them, then they are listed as paid, and the date of payment, but the listing is still visable on the file.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Mark
Thought I might be, Hubbies 25 & 27 year lolds are battleing through the same thing. CRAA rating
Now they have finally grown up, their financial pasts are back to bite them.
Not alot you can do, trust me, I have sourced out all my contacts and legal friends for the 25yr old, in the end we had to go guarantor for a 5k loan so she could get her debts under control. (she had a car loan at approx 20% – her mother (not me) the financial advisor (her business) got the loan for her???? (lesson 2 check out financial advisors creditials).
So you have 3 options – 1. wait it out 2. get a guarantor 3. a mortgage broker may be able to help.
I am assuming its paid. double check this is noted on your CRAA, if not get this fixed.
And it is 5 years – statute of limitations on a debt is 5 years (after that you can not persue it) use to be 7yrs – generally it is the same time frame as the ATO for keeping records.
Good luck.
Celeste
Hi all
sorry about the spelling ,the naught mummy is not proof reading again – & not using spell check
Celeste
If you contact Baycorp and join online they may tell you how this can be done. I understand that if it runs out after five years there should not be a problem I was also told to write to the person who generated the report asking them to rescind it when the debt has been paid out. (they may be willing)
linda I am back in nursing full time and I want to pick up again as we had a set back last year. I am puzzling of how to with the way in which to do the company trust Can somebody tell me exactly how it is done ie do I have to wait two years to have two (years) tax returns for the Trust(s) to provide to the lender when I wish to purchase further properties under the system on the Master Class
wiseinvest, you can get finance for a brand new trust just as easily as getting finance for yourself individually.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks guys..
No it hasn’t been paid yet but I am trying to get on top of things.
I have been trying to get into the correct department of Vodafone but only leads me to many transfers to eventually call be terminated on.
anyways I do plan on paying this debt dont get me wrong.
there was also another option which was given to me by a broker to maybe bend the rules abit and say that there is a dipute on this debt, which to be honest with you guys its not somthing I want to be doing.
purely because I know it was my own error and dont want to start lying to get a loan as It may only result me to more problems and complications.So from what I have gathered from all the replies:
* After 5years from when it was listed this will be removed and will not be listed again. which means it cannot be double listed.
*There is noway Craa can be removed unless it was an error.
thanks guys
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