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For_funken_sake asked:

I once was harassed by CREDIT CORP for 2 credit card contracts. They have stopped contacting me for 2 years, but after some serious thought, I’ve come to the conclusion that they have used fraud to collect monies… i’ll explain what i mean..

In a phone call witnessed by a family member, a manager from Credit Corp said to me that:

“It is the law that allows us to take the interest rate from the loan when we buy the debt from the bank”.

I stopped and asked, “exactly which law states this?”

9 months later, and after being transferred to over 7 people within Credit Corp, no one had come back to me with an answer as to which “law” allows them to take the interest rate from the loan.

I have several documented email trails with many questions I’ve asked them, still no reply or factual answer. – The communication from Credit Corp went silent and no one ever called me back.

Before I was aware of this website, I have paid $15,000 in “interest” at a rate of 24% p.a. – Not 1 cent of the actual credit card loan amount had been paid off.

Seems to me, they have acted unlawfully, in deceit and fraudulently. They bullied, intimidated and harassed me for 4 years threatening all types of action against me to create fear in me paying or else….

What they are doing cannot be legal.

I am from Australia, and I know we have rules on how they can and cannot do business… This must break all rules of engagement and surely people can go to gaol (jail) for this type of thing.

I would be interested in talking to anyone in Australia and USA (as i know CC trades there), on who has had similar issues and would be interested in joined a class action law suit.

Tiggy replied:

Are you talking about a debt purchaser buying the debt, or the original creditor applying interest ??

rabbit123 replied:

Hi There,

yes, they are pretty bad and I don’t believe they can charge you those rates. Look very closely at this Law (see link at bottom) for Australia, there is a section on interest charges and notes advising that they can be paid back and that there are fines for the offender. Read section also on assignment. Unfortunately, depending what state you are in, the courts seem to have some favoritism, so knowing the law is paramount in order to get past some collusion and have your rights heard and honoured in the court room.

Once you are clear that you have the right to claim back, pay a solicitor to write you a letter of claim and an invoice for the amount. Advise the Solicitor exactly what you want written and quote the law section relevant, thereby instructing the lawyer as to your wishes and not getting caught up in any consultancy, or other fees they may want to charge you-just a simple letter with very clear instructions.

Or, you can contact the Office of Fair Trading with your claim.

If CC do not pay in the given timeframe, lodge a civil claim in the magistrates courts, a small fee only and list it for a default judgement, then serve them and wait to see what happens.

One way to start a Class Action is start a simple survey and put the link in this forum, those who have an issue can respond and you can collect affected people, enough to know what to do next and have their common complaints in the survey results.

I would advise lodging via ACCC or ASIC when you have enough people, through the survey. ACCC/ASIC won’t investigate for individual cases, but if you can hand them at least 10 + cases at once, then you have a real chance.

here is the link:

For_funken_sake replied:

I’m talking about the debt being purchased by another corporation.

Tiggy replied:

In England & Wales they use Section 136 of the Law of Property Act 1925 to assign the debts, in Australia I believe each state has it’s equivalent

For_funken_sake replied:

Right you are.

But in no legislation/law does it state they can acquire the interest rate when they buy the loan.

Tiggy replied:

Under assignment, effectively they replace the original creditor in the contract, otherwise the doctrine of privity would apply. In otherwords they have the same rights and obligations as the original creditor.

1saberwow replied:

would they have a legal contract with us as the privity of contract is three wet ink signatures and that for the DCAS to have a contract with us that we have to have our wet ink signature or they have nothing but a sales agreement would that be correct?

Tiggy replied:

Not quite sure what you mean by ‘as the privity of contract is three wet ink signatures’, are we talking about the same thing??

This is the doctrine of privity

The doctrine of privity in the common law of contract provides that a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it.

1saberwow replied:

i believe it is the same Tiggy. well they refer that i have defaulted on the alleged contract with them and yet i have never signed any contract with this dca. Faljay said if a dca wants to put a default that they can’t do as only they can only replace the name of the Bank in the default as they become the new oc and nothing else as it is unlawful and we can report them to the proper authorities if they did put a new default for the same alleged debt. and for them to become the new OC we have to place our wet ink signature on the document to allow them to become the new oc and take over as the OC and without our signature they are just a dca without the beneficial right,title and interest in the account. never have they produced what has been asked of them. no deed of assignment, and no deed of novation and i am still waiting but they are getting other people within the company to send letters but none have ever answered my letters to what is needed. so basically they only have a sales agreement and that doesn’t give them any beneficial right, title or interest in the account and certainly no contract with them.

For_funken_sake replied:

I’ve read the law.

There is no law that states they can take the interest rate from the bought credit.

They buy bad debt and work a false system telling people in their correspondence that they’re allowed to take the interest rate from the loan, but this is false. – Just because they write something on paper themselves, doesn’t mean there’s any contract with them, even assigning such debt.

@Tiggy – I’ve created a google docs questionnaire which I have a small number of people who’ve applied for this class action. I need more on here for the lawyers to even look at it. Would you be willing to share it? I’m really eager to destroy all of these types of businesses.

marcb replied:


I have 2 credits cards that have not been paid and Creditcorp has been harassing me for 2 years now, it is a total of 20k plus 6k of interests, they are chasing me for 26k which I am not able to pay so I asked them to prove that the debt exist and belongs to me providing a signed contract and signed invoice but they were not able to provide a signed contract but then they said that my application was done online and they could not provide a contract with a wet signature because it does not exists which is a lie.

Australia Consumer Law (ACL) states that Credit Contracts must be in writing.There are civil penalties for not following that procedure for the bank

Please keep in mind – without credit contract – noone can charge me Interest, it is illegal. Please refer to ACL rules.

They called my girlfriend 3 times and also on weekends and the ASIC act guide states that it is unacceptable behaviour to call debtors on weekend and make false misleading statements and I have all my emails with them, I am not sure how the law works but I guess it is harassment.

below is my email to creditcorp

I demand you to stop calling me or any third party, if you claim that I have any debt owed please provide me with a lawful, valid signed contract and signed invoice, you have fiduciary responsibilities to me and I expect you to produce these documents on demand, if you do not produce these then I accept that you agree that your company is not at a loss and there is in fact no outstanding debt.

You now have an opportunity to produce these lawfully required documents, which I demand to see and if you do not produce these in 10 days it is accepted that you are corporate criminals.

I deal with only true fact and honour, do you?

Your sincerely

If anyone is going to sue them I would love to join