I made a careless mistake - arrears

The same account buyers agents fees come out of

 

reading through some old threads

hm what about setting up 1 offset account for each loan for each property to keep them separate and easier to admin, all the rents/repayments/bills - so you would know the debit and credit position each year for each property

 

if you had a main residence with debt you would be losing tax deductions doing this.

 

sorry - no PPOR in this scenario

 

In that case it would be best to deposit all cash into the offset account attached to the loan with the highest interest rate.

If all the same rate then it would be ok to have several offsets - provided no extra fees.

 

you just cant buy experience !

 

i have exp a similar situation, when i changed from IO to P&I repayments went 1000$ more so... i didn't have enough in the account for the redraw. cba charged me 10 or 20$ of over due fee coz they had to reassess and grant a temp loan facilitiy to lead me the new money.

i spoke to the branch guy and he i think assessed me CLV and decided better to refund me the over due free. i corrected the over draw like you did asap. no issues. not seen as bad.

i think it goes into your credit history if it's over 1000$ for more than 30 or 60 days over due.

 

BDM was confused, repaid non-financial (utility etc) default <$1,000 can be approved with Genworth.


Arrears different to that.
CBA and OFI transaction accounts - Acceptable Criteria

• Overdrawn by less than or equal to $100 at the application date.
• Transaction history may include a maximum of:
  • Two dishonours
  • Two overdrawings which result in the account being overdrawn by more than $100

So would have been alright in the arrears, but might of had a problem here
Fixed repayment commitments - Acceptable Criteria

• All repayments due over the review period have been met (i.e. no evidence of current arrears)
• Repayment history may include up to one late payment or dishonour which was cleared within 30 days

2 Late payments would be the issue.

 

Take them to task...if they don't fix it...get it onto the ombudsman...I had this issue with RAMS and they cleared it immediately.

Unfortunately..at CBA you deal with a bunch of process monkeys...push hard...and don't let it go...otherwise it can haunt you.....

 

Do you just read CBA? @Taku Ekanayake has even said he dropped the ball, not CBA.
The repayments are setup from the account that's nominated by the broker, which would have shown on the documents he would have signed.
If that's not the case than he might be going down the path you're suggesting, but so far no mention of that.

If you read further it's already gone up and been approved.

 

So you think....that a simple mistake...and you should wear the issue?

 

@sash a simple mistake which is why it got approved.

Read the actual thread.

His credit file wouldn't have been impacted, he has 2 late payments which was outside of policy.
No impact on his credit rating, likely if it was fixed up probably didn't even register too much on the banks credit scoring.
Just a credit officer picking up it's out of policy.

It was mitigated and the loan was approved, no doubt going forward both he and his broker will pay more attention to the account the repayments are setup from.

It's actually the most common time for loans to go into arrears, banks already know this.

 

Then why is it his issue?

This is why....a bank like the CBA should have someone to over ride the system.....they have far too many process monkeys!

I am hoping t the supervising body the govt is planning to set-up to monitor the Big 4 also give financial recourse...that should straighten up the current shoddy practices. CBA is the worst as they are very process driven...and every body hides under the guise of policy.

 

This was a while ago, long forgotten by now

 

Because he said it was his issue.

I really struggle to understand your angle except that you have a personal issue with CBA.
He selected the account for the funds to come from, funds weren't in the account.
There are policies in place to ensure those in financial difficulty don't take too much rope.
Just like there are those with the authority to override these policies where it makes sense, exactly what has happened in this case.

good to see @Taku Ekanayake got the right result. Good when common sense still exists every now and again.

 

Yep, had this all sorted back then. They cleared everything and all is good

 

Hi Brady,

When you say transaction history may include a maximum of 2 overdrawings, do you know what period is classed as a "transaction history"?

I too have been in the slack money management book which has caused an account to get overdrawn semi regularly although for small amounts and there is money in other accounts.

Thanks

Lindsay

 

If you're not currently a cba client, one month transaction history.

If they can see your whole history it may be a red flag even if the current month is clear.

 

Recently had a situation which the lender made the mistake (they missed out on one number of the nominated account). I've paid the amount due by manual netbank transfer to ensure there was no arrears, however it's been 8 days. The lender has acknowledged it was their mistake and paying me the $10 back for the arrears payment. They also said, it was not reported to an external agency.

Will this have an impact on my credit rating? Or will it just show on my statement only for it being late?

 

@jins13 if the lender charged to an arrears fee, then credited that fee back, other lenders will be able to see it and they generally acknowledge that it wasn't your mistake and move on. No big deal.

Even if it was your mistake, lenders will usually overlook one or two arrears. They have a problem with it when there's multiple small issues. They know that a one off is usually a dumb mistake and that stuff happens.