Min-je bought a car for $13,500 in February. The loan was unaffordable, so when Min-je defaulted the lender repossessed and sold the car in July for $1,500.
A lender miscalculated Prisha’s income, believing all the money paid into Prisha’s account belonged to her, not realising that Prisha received income on behalf of others that she withdrew in cash
Jung-min couldn’t keep up with the repayments on his car loan. The lender suggested this was because his circumstances had changed after he took out the loan. We found the lender had failed to make reasonable inquiries about Jung-min’s wages and how many people he was supporting with his income when approving the loan.
A lender lent to Maurice based on the money she was receiving into her account. However, much of this income wasn’t hers to begin with and shouldn’t have been included in the assessment.