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Unfortunate Debt
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Posted by MM on November 25, 2001 at 18:58:32:
In 1998 my wife and I hired a car on holidays and were unfortunate to have an accident. We paid an amount of $1500 for the damage of the car. We were assured that no further payments were necessary. About a month later I received a letter from the car hire company stating that a further $1150 was needed to pay for the difference to the damage of the car and that money had been taken from my credit card account without my authorisation. I asked my bank at the time to investigate this incident which took 3 months to resolve in which I was returned $1150. Prior to the investigation I was threatened with legal action if the amount of $1150 was not paid, but have not heared from the company since the money was returned into my bank account. A couple of weeks ago we were applying for a home loan and the bank told me that I could not borrow money until the debt was paid.
I would appreciate if you could answer the following questions as I refuse to pay this debt.
1. Under my circumstances, how long will it take before the debt is cleared from the credit rating list?
2. Will this stop me from borrowing money from the banks in the future if the debt is not paid?
3. If the debt was paid, will this allow me to continue applying for the home loan and what steps need to be taken for my name to be cleared from having a credit rating? Much appreciated
MM
Sydney, Australia
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