Blacklisting put off for Christmas
(16 December 2009 – Australia) The 273 Great Southern investors that have stopped repaying their loans, to Bendigo and Adelaide Bank, have reached an agreement that sees their details withheld from being blacklisted over the holiday period.
The Australian Financial Review reported that the lawyers for the bank and Navra Financial Services, the financial planning firm that recommended Great Southern-managed investment schemes to its clients, were due to appear in a NSW court.
However, prior to the court appearance, an agreement was reached with the bank saying it would not proceed to hand over the details of clients who have stopped paying their loans to the credit agency, Veda Advantage.
Neither parties would comment on how the agreement was reached, saying the terms were confidential. But, it is understood the bank has said that it will not blacklist the defaulters over the Christmas period.
It is still unclear whether the bank will continue with its plans once the case returns to court in February.
However, prior to the court appearance, an agreement was reached with the bank saying it would not proceed to hand over the details of clients who have stopped paying their loans to the credit agency, Veda Advantage.
Neither parties would comment on how the agreement was reached, saying the terms were confidential. But, it is understood the bank has said that it will not blacklist the defaulters over the Christmas period.
It is still unclear whether the bank will continue with its plans once the case returns to court in February.
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