Determination

Key issues: Requesting hardship assistance as a guarantor | Reduced debt arrangements | Privacy issues
| Legal interests in a debt | Debt purchaser


Summary of the complaint

We consider that the FSP adequately notified the consumer of the assignment of the debt, being a goods loan entered into by a company of which the consumer was a director and in respect of which she also provided a guarantee. Further, we consider that the FSP did not agree to accept $10,000 to allow the consumer to purchase the vehicle secured by the loan and in full and final settlement of the debt. 

 
 

Summary of Determination
 
  1. I find that the FSP:

    • (a) adequately notified the consumer of the assignment of the debt, being a
      goods loan entered into by a company of which the consumer was a director
      and in respect of which she also provided a guarantee, and

    • (b) had not agreed to accept $10,000 to allow the consumer to purchase the
      vehicle secured by the loan and in full and final settlement of its claims
      against the her.

This Determination affirms the position set out in our Reviews dated 6 December 2016 and 11 January 2017 (the Review).

 
Follow this link for a full copy in PDF  >> Determination | 20 February 2017