Unaffordable loan top ups
Antonio and Olivia topped up their home loan repeatedly when nearing retirement. They were not aware of the consequences of their top ups.
Topic: Financial advisers and brokers
An expensive misunderstanding
Astrid borrowed $80,000 to purchase a luxury car from a dealer. Astrid thought under the loan agreement, she could return the car to the dealer instead of making the $60,000 balloon payment at the end of the loan term. Astrid couldn’t afford to make the balloon payment, but when she tried to return the car instead, she found she wasn’t able to.
Pollen theft leads to partially declined claim
Bob’s insurance cover had been reduced following some ambiguous instructions. Later, Bob lost $30,000 of pollen and his insurance claim was partially declined. Was Bob’s insurance adviser responsible?
Confusion when selling shares
What happens if your sharebroker does not follow your instructions to sell your shares?
Nowhere to hide for hidden costs
Tony and Liz were distressed to discover that what they had thought were just insurance premiums sometimes included big fees for their insurance broker. But must the broker pay them back?
New lending in uncertain covid-19 times
In June 2020, Jason and Roimata decided to buy a second property. A year later, they refinanced their loan from their second-tier lender to a bank. Jason and Roimata were shocked when their adviser sent them an invoice for the commission the lender recovered from him. They also wondered why their adviser hadn’t told them to refinance with a bank a year prior.
“Did you ‘go into bat’ for me?”
Andrew was contracted to print a company’s logo for 20,000 high-end clay products. The ink supplied to Andrew expired and the printing process failed. Andrew claimed on his insurance but was declined. Andrew felt his adviser had let him down by not placing a ‘property worked on’ clause in his liability policy. Was the adviser responsible for his loss?
Dividend reinvestment difficulty
Abel’s investment adviser stops reinvesting his dividends without instruction.
The insured’s responsibility to provide information at claim time
Is it your adviser’s fault if you are unable to provide all the information your insurer needs to assess a claim?
Diagnosis during delay
An insurance adviser delayed informing his client that he couldn’t find an insurer willing to provide life insurance cover for her. During that time, the client was diagnosed with cancer.
