Finance and loans Archives

Food costs underestimated

Mikaere repeatedly defaulted on his weekly car loan repayments. Had the lender underestimated his weekly expenses?

Adam asked a merchant banker to help him obtain a business loan. After the merchant banker had arranged a loan with an overseas lender and Adam’s business had paid a fee to the lender, it became apparent that the loan was a scam.

I should have had asbestos cover

Melissa held insurance for her property maintenance business arranged by an insurance adviser. When she needed to make a claim due to asbestos-related work, should she have been covered?

Mistake in affordability assessment

Leo’s lender accepted that they should not have lent to him because he could not afford the loan repayments. Was the lender’s offer to resolve the complaint fair?

Residual debt issue

Heremoana paid $45,000 for a car that his financial mentor said was realistically worth $33,000 raising a concern that if it was repossessed and sold Heremoana would be left with a considerable residual debt

A reasonable offer to resolve an irresponsible lending complaint

Samantha complained that the repayments for her car loan were unaffordable. In response, the lender made an offer to put things right.

Irresponsible lending and failure to provide adequate insurance information

Manu’s lender over-estimated income and under-estimated expenses resulting in irresponsible lending. The lender also did not meet their obligations when selling Manu insurance.

BNPL provider delays updating credit record information

Grace defaulted on her BNPL debt resulting in an adverse credit listing, but managed to repay the debt in full. Unfortunately, the BNPL provider delayed updating Grace’s credit listing causing her inconvenience.

Fixed rate break fee charged on equity release loan

Stephen was charged a $88,000 fixed rate break fee when he repaid an equity release loan early

I can’t afford my loan payments – was my lender irresponsible?

Hu took out a car loan and later lost his job due to COVID-19. Hu told his lender he couldn’t afford his loan repayments, and he also complained that the interest rate was too high and the loan was unaffordable from the start – was it?