Should my lender known of my cash withdrawals?
Amani and Akeem said that their car loans were unaffordable because the lender had not accounted for their weekly $300 cash withdrawals that were put towards Amani’s parents’ mortgage.
Amani and Akeem said that their car loans were unaffordable because the lender had not accounted for their weekly $300 cash withdrawals that were put towards Amani’s parents’ mortgage.
Dean complained that the lender did not properly assess the affordability of his loan. But what was a fair outcome when there was no evidence of any hardship?
When Jason and Maggie could not afford their loan repayments they surrendered their car to be sold, reducing their debt from $30,000 to $24,000.
Jade’s adult sons’ board payments were included in her income assessment when she applied for a car loan. Should the lender have also included her sons’ food expenses in her affordability assessment?
Mikaere repeatedly defaulted on his weekly car loan repayments. Had the lender underestimated his weekly expenses?
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
Samantha complained that the repayments for her car loan were unaffordable. In response, the lender made an offer to put things right.
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?
Rebecca received court papers for a debt from an old car loan. Because the debt was more than six years old, under the law the lender should not have tried to recover it. The lender withdrew its court claim and apologised to Rebecca, but she still wasn’t happy.
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.