Indefinite hardship
The lender offered a reasonable solution, recognising Theo’s indefinite hardship.
Topic: Motor vehicle loan
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.
Help – I just got a car loan but now I can’t pay
Immediately after getting a car loan, Bati’s relationship broke down and he didn’t think he would be able to make the repayments. Bati wanted to cancel the loan but accidentally asked the dealership, not the lender. The loan continued and Bati made his repayments, but he was in serious hardship.
Why is my loan not reducing?
Sokha was concerned that her loan wasn’t reducing as quickly as she thought it would.
Let’s make a plan
Chun was struggling to make payments on her car loan. Chun felt that her lender could do more to help.
But it’s been years!
Maia believed that she had cleared her debt with the lender when she surrendered her car. Three years later, the lender told Maia that she still owed over $10,000.
Lender fails to recognise request for hardship help
Hine struggled to repay a loan after she lost her job, and by the time her lender offered hardship relief Hine could not afford their proposal.
A guesstimate is not good enough
When a person applying for a loan did not include their rent costs in a loan application the lender substituted a nominal $100 a week.
