-
Lender refuses to accept PN – what next?
Hi everyone,
I recently sent a PN to discharge a line of credit loan which is unsecured. I received an email on Friday from the lender stating they do not accept PN’s and are now sending default notices. They have also referred me to their contdact which does give them permission to place a caveat on my property. I am in the process of selling one of these property’s and a caveat would create issues for me in selling this property. The meeting time on the PN is set for 10th July. I’d appreciate any guidance on the next steps. Do I just ignore them at this stage and wait for there non-attendance at the meeting? Then start the next steps? If they place a caveat on my property how can I handle this? I appreciate your help. Thank youBelow is a copy of the email I was sent:
email correspondence from Lumi:
We have received your correspondence dated 27 June 2024 including the promissory note.
We preface our response with confirmation that Lumi does not accept promissory notes as a form of payment, nor are we are aware of a requirement to do so.
We confirm your account remains unpaid, and is currently in arrears by $2,102.84.
Lumi recognises the form and nature of your correspondence, as a ‘get out of debt free’ template likely downloaded from the internet.
Should you have any specific concerns regarding your liability to the account, please let us know and we will respond further. In the meantime we have attached the Lumi Loan Agreement and Guarantee Agreement for your reference.
We otherwise confirm that any further templated correspondence, similar in nature to that dated 27 June 2024, may not be responded to.
How To Pay Your Account
The account is currently in arrears by $2,102.84, and this amount is due and payable immediately.
Contractual repayments remain due, and the next contractual repayment is due on 9 July 2024.
We note that you have cancelled direct debit payments. Contractual repayments can be made manually, using the following details:
Bank Transfer
Account Name: Lumi
BSB: 808232
Account number: 102390796
Reference: NGZU741
BPAY
Biller Code: 340927
CRN: 100021483562949
Next Steps
Please make the above payments, to bring your account up to date.
If the account remains unpaid, Lumi will have no option but to continue with collections activity.
Please note, Lumi is prepared to work with you regarding any genuine concerns you have in the account. If you would like to discuss this further, please feel free to contact me direclty on 0483 955 617.
If you are experiencing financial difficulty, please let us know and we can work with you to consider this further. There are also free financial counselling services available. The National Debt Helpline can be contacted on 1800 007 007, and the Small Business Helpline can be contacted on 1800 413 828.
Alternatively, Lumi is a member of the Australian Financial Complaints Authority (AFCA) which is an independent external dispute resolution provider. AFCA can be contacted directly by phone at 1800 931 678, by email at info@afca.org.au., or by the AFCA website http://www.afca.org.au.
Kind regards
-
This discussion was modified 11 months, 2 weeks ago by
finna.
-
This discussion was modified 11 months, 2 weeks ago by
-
11 Replies
-
I hope these help. To learn more about the Bills of Exchange Act you could buy Module 10 Strategies to Discharge Credit Card Debt. In this module it outlines the relevant sections of the Bills of Exchange Act and has lots more resources.
-
Thank you very much! Greatly appreciated.
-
I have been listening to module 10 and I noticed that the first step is to enter into a hardship payment arrangement. My line of credit was 3 weeks in arrears when I issued the PN. Do this become a problem? If so, is there a course of action I can take? I appreciate your assistance. Thank you
-
There is a Q and A on Wednesday night and you can ask Mark your question there…https://solutionsempowerment.org/event/general-qa-july-10/
solutionsempowerment.org
General Q&A: July 10 – SolutionsEmpowerment.org
General Q&A: July 10 – SolutionsEmpowerment.org
-
-
-
I’ve been going back and forth with the lender for this line of credit loan.
Last week I sent them the first invoice with letter of demand giving them 14 days to pay.
Today I received a letter of demand from them demanding full payment of the loan or collections to commence in 3 days. This threat includes them placing a caveat on my property’s, legal fees and default with equifax ( i have already sent them a letter). These course of action are outlined in the original loan conract which i signed when taking on the loan.
I have followed the process through as per the instructions. They did not send the PN back to me, did not attend the meeting and have not advised of anu errors on the PN.
They just keep saying they dont accept PN’s. They have also admitted in writing that they accept Australian dollars and they have not been able to show me where in their contract they do not accept PN’s or cash. I have asked them to show me 3 times.
Thoughts on next steps from here…
Do I wait the 14 days and issue a 2 default? Do I get more on the offence now they are making these threats?
I am in the process of selling a property so a caveat could be problematic.
Any thoughts and guidance is appreciated. Thank you
-
I am in deep in the process myself with something similar. I paid a court fine using a PN/cheque. It stated as a speeding fine, which after the three step process was withdrawn, however i was done for not providing drivers details which went to court and lost. So i decided to pay using the PN method. It was received, signed for and returned. However I used templates to assert the fact I had tendered payment and under the BoE Act I had extinguished my alleged debt. I then had a debt collector company called CDER after me for the money. They sent someone to my house to hand deliver a letter whilst I was not in and the cleaner accepted it. I held position and kept asking all the necessary questions of evidence payment was not tendered, and was not accepted etc etc. I don’t actually know what I said or what the defining email was, but eventually that company CDER gave up. However, i now have another pirate company threatening me called MARSTONS group. I don’t know how this is going to go, but i am trying to repeat the process and fend them off.
Im sorry for the back story, but I find reading everyones stories interesting and sometimes helpful. I just wondered how your endeavour @finna was working out? and if anyone reading @morag-janet-of-the-hill-family ? if you have any advice or help for me? I am in the UK. This has been going on now for over 2 years since the first claimed speeding offence. I am ready for it to go away now haha. It is exhausting
-
There’s also this
-
This pamphlet which was with the three notices above briefly mentions Marstons
-
Here’s some more follow ups to the previous notices
-
Here’s the pamphlet that goes with the above notices
-
-
-
You could study up on the three step process with affidavit and the court role play so you can do this as well as the PN just in case they take it to court and then you will be ready with a private agreement in your hands and some court scripts (which you can role play and memorise before court) This will allow you to follow the non consent process in court as the matter has already been settled by your method of discharge and the agreement established… https://solutionsempowerment.org/p/module-17-court-role-play-how-to-competently-address-court-win-your-case-and-or-have-the-case-set-aside-sine-die-or-dismissed/
