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A series of refinanced loans

In 2005 Dennis and Brenda and their son Stuart borrowed $10,000 from a finance company to purchase a vehicle.

Beware – the cancellation fee

In August 2013 Bridget purchased goods from a company, The Right Stuff, whose salesman came to her home. The total cost of the goods was $4,144 to be paid by fortnightly payments of $102.

A tale of two contracts

Loan company and complainant agreed to a new contract restructuring the complainant’s debt. Complainant understood the new contract reduced the balance in exchange for increased payments. Loan company was threatening repossession of complainant’s property, including valueless items, without following the correct process. The contract significantly changed the nature of the contract between the loan company and complainant. Deceptive conduct found and complaint settled.

Payday loan of $100 becomes a debt of $566

Bruce applied for a $100 loan over the telephone. The finance broker’s staff member advised Bruce he would have to pay the finance company $105 and the finance broker $155.

A Conflict of Interest

Michael took out a car After Michael defaulted on payments, the lender obtained an attachment order on Michaels’ wages. When Michael finished his payments under the attachment order the lender filed a new claim for outstanding default interest. Michael believed he has repaid the debt. Could the lender claim further interest?

A longstanding debt causes trouble

Judith has an old loan to a finance company. She is worried the finance company will repossess her current vehicle and force her to sell a property she owns. She also does not agree with the balance of her debt. FSCL investigates.