Credit Accounting Consultancy (CAC) operated from offices at 48 Francis Street, Glebe between June 2000 and February 2003. For a fee, it offered to arrange loans including arranging loans for people with poor credit histories.

The Office of Fair Trading received many complaints from consumers who paid an upfront fee to CAC but did not get the loan that was promised and so it conducted an investigation into the conduct of the business.

In December 2002, the Commissioner for Fair Trading commenced civil proceedings in the NSW Supreme Court against David Ross trading as Credit Accounting Consultancy (CAC) and Rowland William Thomas, Helen Elizabeth Topalov (aka Lewis) and Michael Paul Carney.

On 3 June 2004, the Supreme Court of New South Wales permanently restrained the defendants from carrying on the business of finance broking and any other business that includes words such as ‘credit’, ‘consolidate’, ‘lend’, ‘borrow’ etc. The orders also restrain the defendants from any association with such business in any capacity, with one expeption, be it as employee, director etc.

The Court also ordered that a trust fund be established to compensate victims. The Commissioner for Fair Trading administers the trust fund.

Compensation may be available to a consumer who is able to satisfy the Commissioner that they have a legitimate claim for a refund of the amount they paid in fees to CAC. To be eligible for compensation you should be able to provide evidence that you paid an upfront fee to CAC.

How to claim

You need to request a claim form that must be completed in order for the Office of Fair Trading to assess your claim. You can do this by telephoning 1800 649 516 during office hours.

Alternately, you may write to:

The Administrative Officer
Credit Accounting Consultancy
Office of Fair Trading
PO Box 972
PARRAMATTA  NSW   2124