Since that discussion is closed I’d like to make a final word on the matter.
I’ve been trying to settle outstanding debts for more than three years.
There’s never been any dispute that there is outstanding debt owed to the banks.
For one part, the banking ombudsman did step in and I was awarded compensation for the earlier wrongdoing of the bank. Its never been applied to the outstanding debt though.
Cheques have been sent, repayment plans offered. All rejected. They were asked to forward details of purchases made so a settlement based on what had actually been spent could be discussed. Refused.
The only option is a payment arrangement which the banks won’t accept. It won’t make any difference now at this stage if someone else submitted a plan. Sure, in hindsight I should have done that first knowing there could have been an option to do so.
I even sent money in an effort to start a repayment and still the bank refused to accept a payment arrangement and returned my cheques. There was a tribunal hearing but the debt was substantially increased by nearly $2000.00, a month after the order was made against me, by the same agent that falsified the tribunal application against me.
I wanted a formal financial assessment hearing so creditors can come forward and everyone treated fairly.
I have already been told by my current bank (who I have never been in default with) that once a formal insolvency procedure is against me I’ll lose internet banking and eftpos cards. I tried to open an ordinary transactional account (no lending of any sort) with a new bank only to have them refuse because of the defaults listed on the credit report that Veda hold against me.
My credit score with Veda is below 400 points. Veda linked historical data to it which substantially reduced the score. Even when the defaults fall off after 5 years the score will be too low that I’ll never be able to borrow again.
No one is disputing that I wasn’t stupid for borrowing the money. I wish 20 years ago I understood about debt and how money works. Today would have been different. I can’t turn back the clock.
But credit reporting of defaults and credit scoring are a life sentence. Its that consequence that is stopping people from moving forward. Not the debt. I believe credit reporting and scoring also have a substantial impact on the poverty in our country.
When I tried to make good, I had no idea the extent of the unlawful behaviour and dishonesty that goes on within the system.
I received a statement of claim against my company. I can’t even defend that because it has not been formally served but it has been stamped by the courts. The document server gave me the details over the phone without requiring any proof of who I was. My hope was our court system would at least give everyone a chance to have their say and the matter settled.
Whatever my wrongdoing, there is never any excuse for a bank to allow its collection agents to submit falsified documents to our tribunals. I don’t understand why they would do that.
My campaign is for the debt collection and credit reporting industries to be government regulated. The system is being abused and people taken advantage of. Credit scoring is an unnecessary cruelty.
Sure, maybe people are OK with the current system. I’ll know that if I don’t get any responses to my petition. I’ll stand by my right not to engage with a business that uses unlawful debt collection practises. One day maybe that will be recognised formally.
If someone reading my posts has a second though about getting into debt like I did, then the posts would have been worth it. My seminars are to share my story and show people some other ways to earn income and expand their businesses and their minds.
Its too late for me, all I can do is try and put right what has been made wrong.
I’ve lost 20 years of my life to unsecured debt.
There are a lot of issues that need to be addressed. Both poverty, crime and household debt continues to rise. If that makes me an ****hole to want to do something about it, then so be it!