Review | 15 November 2016

Key Issues: Consumer lease | Responsible lending obligations | Reasonable offer | Lease provider

Case summary
A consumer obtained goods from a store and entered a lease agreement which required him to repay the FSP over 36 months . The salesperson told him that there would be “no interest” charged to him under the contract. He later realised that he is required to pay a total of $11,810.46 for goods valued at $7,150. The FSP offered to cancel the consumer’s contract,  waive the debt and allow the consumer to return the goods. They also confirmed that there would be no default listing on the consumer’s credit reports. We found that the FSP’s offer is reasonable and recommended that the consumer accept the offer.

Follow this link for a full copy in PDF  Review | 15 November 2016