Finance and loans Archives

Lender makes a good settlement offer on an irresponsible lending case

Holly had difficulties in making loan payments from the outset. After the car was repossessed, she contacted a financial mentor, who complained to the lender that they had failed to carry out a proper affordability assessment when approving Holly’s loan.

Financial hardship

Jenny and Paul were experiencing financial hardship, but because the lending was secured by an investment property the Credit Contracts and Consumer Finance Act did not apply.

Delay collecting new car

Melanie was keen to collect her car as soon as it was ready, and re-arranged her commitments only to discover the car dealership was not ready to release the vehicle.

I didn’t think it would be like this…

When Jackie and Marco’s weekly payments on their car loan don’t reduce over time, they complain to FSCL.

Communication is key

Noah had to pay unnecessary legal fees because of a communication breakdown with his lender.

I can’t afford it!

Bruce took out a car loan to buy a new car, but he couldn’t afford his weekly repayments. He gave the car back to the lender, who sold it, but there was still a large loan balance for Bruce to pay back. Had the lender acted appropriately?

If something’s unclear, ask your borrower about it.

Jacinta had recently moved out of a rental property and into her mother’s house when she took out a car loan. The lender assessed Jacinta’s ability to repay the loan which included the $50 Jacinta was paying in board. The lender didn’t ask Jacinta how long she’d be boarding for – did they need to?