Share
27,870 Posts.
lightbulb Created with Sketch. 1354
clock Created with Sketch. 22/06/23
13:56
Share
Originally posted by JoeGambler:
↑
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.
Expand
Spot on but increasingly in Australia there is no such thing as personal accountability.
(20min delay)