Issue with AGL please advice

[rooster78]

G'day folks,
We are in bit problem here, hoping to get your advice/help.

We applied for home loan and it is rejected. Reason was we had some credit outstanding issue with AGL which we cleared (paid full) in Q3 2012 but it was still reported as 'Outstanding'. Upon few follow ups with AGL in this week, looks like they changed the status to 'Paid' yesterday. We confirmed it by ordering (paid 70aud) veda credit report file. Our concern is shouldn't it be AGL mistake here as they didn't update / informed Veda in Q3 2012 itself that client has paid everything? Concern is even if the status is PAID, AMP has rejected the home loan. What to do in this case?

Thanks folks, looking for your inputs.

Glen & Anna

 

[rooster78]

Moreover,

We paid below amount to AGL in Sep 2012

Electricity:
Amount: $80

Gas ( different Biller code and Reference number)
Amount: $160


However, on my current credit file we see :

--------------------------------------
Status : Paid

Current Listing :
Date : 01 March 2012
Amount : $510
Reason for report : Payment Default
Association: Principal's Account

Original Listing :
Date : 01 June 2011
Amount : $350
Reason for report : Payment Default

--------------------------------------------------------------

Q1> So I'm not why these figures don't match?
I was assuming amount we paid ( 160 + 80 = 240) to match with either in current or original listing amount above? Not sure why its different.

Q2> Also, does this mean I have had two defaults ( one with $350 and other with $510)?


Glen and Anna

 

[Shahin_Afarin]

What's the loan amount and the LVR and who is your current transactional bank?

 

[rooster78]

Hi Mate,

Loan amount = $650k
LVR = 90%
Lender = AMP

 

[Shahin_Afarin]

Who's name is the default under?

I would look at removing it from your credit file. It does look like its the same default. I would get your broker or your banker to thoroughly review your veda file to validate this.

I would also look at going with a non scoring lender like Suncorp. Having said that make sure the application is 100% before applying anywhere else.

There are ways to strengthen the application like decent savings history, good asset position, limited unsecured liabilities. The fact that the application is dual income is very positive.

 

[rooster78]

What I am thinking is...

There are Two defaults.

From Veda FAQ :A payment default is an account of $100 or more that is 60 days or more overdue.

So probably that's why the Electricity: Amount: $80 is not considered here. Thus they added GAS Amount: $160 to the Original Listing amount ($350) making the Current Listing amount = $510

But i'm not sure how and where Original Listing amount ($350) is coming from. I am pretty sure I didn't had any outstanding amount other than the electricity and gas which I mentioned above. Sounds like some mistake at AGL?

 

[Shahin_Afarin]

a) look at removing the default from your file particularly now that its paid
b) definitely don't go with a lender that credit scores
c) have an upfront explanation (together with a stat dec) explain why the default occurred, when it occurred, when you paid it, why you paid it when you did, etc.

If the rest of the application is strong then I can't see an issue even at 90%.

 

[rooster78]

Thanks,

a) look at removing the default from your file particularly now that its paid
-> On my credit file I see "Date will be deleted by : 01 June 2016"
So is it still possible to remove this paid default before 01 June 2016?

b) definitely don't go with a lender that credit scores
-> I see, good point. Is ANZ look at credit score?

Also,what do you think about my observation just a post above yours where I think its AGL mistake?

 

[Rolf Latham]

a) look at removing the default from your file particularly now that its paid

for future readers....

Usually simpler and higher chance of removal if done before payment,

Once paid the lodger has no impetus to remove the impingement, even more so where a debt collections agency is involved.

Not my area of expertise, but AMP is no worse than Suncorp with Defaults, in either case, a human looks at the file, may come down to simple issues like DUA policy for QBE vs Genworth,

ta

rolf

 

[Shahin_Afarin]

for future readers....

Usually simpler and higher chance of removal if done before payment,

Once paid the lodger has no impetus to remove the impingement, even more so where a debt collections agency is involved.

Not my area of expertise, but AMP is no worse than Suncorp with Defaults, in either case, a human looks at the file, may come down to simple issues like DUA policy for QBE vs Genworth,

ta

rolf

My experience has been very different to this. I have seen them remove it once payment was made certainly more often than not. The issue is people don't request them to remove it.

Suncorp and AMP are chalk and cheese. Both Macquarie and AMP are the worst lenders for applicants that have a default on file.

 

[Aaron_C]

Both Macquarie and AMP are the worst lenders for applicants that have a default on file.

Indeed (for LMI deals) due to their lack of DUA...a non-credit scoring lender with a good DUA would be more beneficial.

 

[Shahin_Afarin]

News is that Macquarie is going to have its own balance sheet

 

[Aaron_C]

Also,what do you think about my observation just a post above yours where I think its AGL mistake?

Forget removing it. Get a lender that will do this deal with the paid default. Challenge it later when you have time.

 

[Shahin_Afarin]

ANZ credit scores. At 90% LVR you need to be 100% sure of the lender you are going with.

 

[Spades]

G'day folks,
We are in bit problem here, hoping to get your advice/help.

We applied for home loan and it is rejected. Reason was we had some credit outstanding issue with AGL which we cleared (paid full) in Q3 2012 but it was still reported as 'Outstanding'. Upon few follow ups with AGL in this week, looks like they changed the status to 'Paid' yesterday. We confirmed it by ordering (paid 70aud) veda credit report file. Our concern is shouldn't it be AGL mistake here as they didn't update / informed Veda in Q3 2012 itself that client has paid everything? Concern is even if the status is PAID, AMP has rejected the home loan. What to do in this case?

Thanks folks, looking for your inputs.

Glen & Anna

Switch providers...A_GL are the worst and 99% of complaints i get are about A_GL.
Get onto the ombudsman and make these numptys accountable for there shoddy bizz.