Topic: Consumer Credit

Gerrard receives a text from his payday lender saying he has been pre-approved for a loan up to $500. Gerrard enters into an arrangement to buy a vehicle, and has to pay a $1,000 deposit. Gerrard pays $500 as a part payment to the car seller, and relying on the text from his lender, agrees to pay the $500 balance for the car the following week. Gerrard’s lender only approves a loan of $300 and he loses the $500 part-payment of the deposit. What rights does Gerrard have against the lender?

Over 9 years ago Jason’s car was repossessed. Jason was left with a residual debt owing to the car finance company. However, the car finance company agreed to wipe the residual debt. Recently, Jason was contacted by a different finance company to collect the same debt.

A credit union failed to remind customers of loan protection insurance when one borrower declared bankruptcy resulting in the other borrower continuing to repay the loan.

Borrower cannot afford loan repayments and voluntarily surrenders car to lender, but is disappointed with the sale price.

Leighton had a number of issues with his finance company, including that its agent assaulted him during a repossession and that repossession action taken was illegal. We looked at all the evidence and found that the finance company did not err in action it had taken.

Chris decided to repay his loan early. His lender provided him with a settlement amount to repay the loan in full. Chris did not accept the settlement amount.

Elizabeth did not receive her goods from a door to door sales company after making the required weekly payments. FSCL assists to get the complaint resolved.

Isaac is surprised when his finance company threatens repossession action. Isaac had been making all required payments under his loan. Isaac then discovers that, without his knowledge, his original loan had been topped up by $2,200. FSCL investigates.

Rangi purchased a minivan using finance through Rad Rides. Rad Rides fixed the minivan’s mechanical problems but added the repair costs to the loan. Rangi complained that he should not be liable for the repair costs and was not told about the actual costs of his loan. Rangi also felt Rad Rides using a disabling device on his car was unreasonable. Did Rangi have a legitimate complaint?

Sarah originally took out a loan in 2004 for $5,220. The vehicle which was security for the debt was repossessed and sold. Sarah’s debt was then purchased by another finance company in 2006 and by 2014 the balance was around $17,500. Sarah’s daughter complained that interest and fees had been charged incorrectly, and the balance of the debt was too high.