Snowballing complaints
Gina experienced minor irritation with her payments, but things reached a head when the lender was unable to locate a missing payment and then charged a $32,000 early repayment cost.
Topic: Finance and loans
Early repayment fee an unwanted surprise
When a small business repaid their fixed rate loan before the loan expiry date, the lender charged a break fee. The borrower thought this was unfair.
A balanced approach leads to resolution
When the lender sold a voluntarily surrendered car for less than the borrower had been offered previously, he complained to us.
Indefinite hardship
The lender offered a reasonable solution, recognising Theo’s indefinite hardship.
Gambling addiction – how much can a lender be expected to know?
When the lender assessed loan affordability. they were satisfied Patrick could afford the loan top up and had no reason to suspect Patrick had a gambling addiction.
Unaffordable and under duress?
Layla felt pressured into an unaffordable car loan after a dealership employee picked her up to see the car but didn’t drop her home afterwards.
Is my loan a consumer credit contract?
Charlie said his loan was a consumer credit contract; the lender disagreed.
Sorry, I can’t pay
Aihe couldn’t afford to repay her business loan.
Why are you loaning me money I can’t afford to pay back?
Fetu complained that his car loan was unaffordable.
When the financial service provider does the right thing
When Sarah left her abusive partner, she found herself unemployed, homeless and responsible for a debt of $7,000. The lender assessed her situation and did the right thing.
