Not a bad guess. I'd speculate those borrowers had financial counsellors that made well written formal complaints. I think ASIC have a strong case here. Not inquiring enough into the personal circumstances of the borrower is a big no no. The regulations are there to try and stop people hurting themselves with debt. However, the idea that a borrower should have no personal responsibility is a bit silly. Borrowing money with the fortnightly repayments clearly stated, yet not having the comprehension to see that amount is not sustainable is a big worry. Sadly though, there are those people out there that just only think of the car and whether or not they'll be approved.
SVR Price at posting:
$1.53 Sentiment: None Disclosure: Held
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