An unaffordable loan for a small business
A lender approves a small business loan without documentation showing that the business will generate enough additional income to pay the loan.
Topic: Business loan
When a business loan is not a business loan
Linh did not understand that she was taking out a business loan. Should it have been a consumer loan?
Communication is key
Noah had to pay unnecessary legal fees because of a communication breakdown with his lender.
Mistake with a settlement statement
Ava and Jerome thought they had one contract with their finance company for the hire purchase of a truck and trailer, but they in fact had two contracts – which Ava and Jerome said they only found out after they sold the truck and trailer.
Tui waited too long to complain to FSCL
In 2022, Tui complained about a repossession that happened in 2016. FSCL was not able to investigate most of the complaint because of a six-year time limitation in our rules.
Lending to a family trust does not attract the CCCFA’s consumer protections
When Aleki’s family trust cannot repay a loan, it puts his family home in jeopardy
Alan loses his family home when his business cannot repay a debt
Alan complains that a lender incorrectly sold his property at mortgagee sale following his business being unable to repay a debt.
Huang guarantees his daughter’s business loan
When Huang’s daughter’s business loan isn’t repaid, he faces the sale of his home
Small business experiences financial difficulty
Sinead applied for a loan to pay her employees and purchase equipment but could not afford the loan repayments.
Lender not obliged to consider hardship request
Niko wanted the lender to give his company further hardship assistance. Did the lender have to consider Niko’s request?
