Topic: Consumer Credit

Wendy took out a loan of $4,000 in 2012. Four years later her loan balance was $13,500. Despite now having a stable income and meeting her fortnightly repayments, some time ago Wendy’s loan had gone into default and she was unable to pay enough to catch up on the arrears. With the amount of default interest and fees accruing on her account, her loan had been at a standstill for over a year. What happened for Wendy to have found herself in this position?

Ruby wants her Ferrari back, but – after missing payments – is it too late?

Aadavan made overpayments towards some monthly installments, but the loan’s principal didn’t reduce faster. Had the lender applied the overpayments correctly?

Jasmine applied for a loan to help her granddaughter buy a house. In the end, Jasmine’s granddaughter did not need the help and cancelled the loan before it was drawn down. The lender charged Jasmine $20,000 in fees for arranging the loan.

Jamie signed the loan documentation, and he’d had a similar loan before – but did he know what he was getting into?

If a company’s service falls short, should compensation automatically follow?

A lender submits an automatic payment form to a borrower’s bank without the borrower’s permission

Lorna and Robert knew their income had reduced and, although they told their mortgage broker, they did not double check when the mortgage broker told them they could continue to borrow the same amount. When the lender reduced the amount of the loan, Lorna and Robert were left in a difficult financial position.

In July 2016, George, a pensioner, agreed to guarantee his son Paul’s $2,000 loan. Paul defaulted almost immediately on his weekly $180 repayments. When the lender could not locate Paul, the lender advised George of its intention to repossess his car, which was security for the loan. George could also not locate Paul, and then complained to FSCL.

Over several years, Ross took out a number of loans with a finance company. In July 2015, he approached it about taking out a $1,500 loan.