Reading your loan agreement matters
Niko expected his loan to cost less than $9,000, but the agreement clearly recorded a total repayment of $18,000
Topic: Motor vehicle loan
Work visa expires before loan can be paid off
An overseas worker’s loan term was longer than the length of their work visa
Work visa expires before loan is repaid
An overseas worker’s loan term exceeded the length of their work visa
Borrower struggles to repay car loan after redundancy
When Zadran lost his job, keeping up with car loan repayments became impossible. Despite telling the lender about his financial hardship, default fees and interest kept being added, leaving Zadran feeling punished for circumstances beyond his control.
Tractor sold with money owing on it, leads to lender seeking debt recovery from seller and buyer
Leighton sold a tractor that he owed money on. The lender then sought to recover the debt from Leighton and the new owner.
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.
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.
Why are you loaning me money I can’t afford to pay back?
Fetu complained that his car loan was unaffordable.
Did the lender get the best price reasonably obtainable?
Jasmine voluntarily surrendered her car, as she could not afford the repayments. The car sold for less than Jasmine expected, and she was left with a shortfall to pay.
