Key Issues: Varying loan agreement | Retrospective financial hardship | Company loan | Loan servicer
Summary of the outcome:
We found that the consumers’ claims against the FSP had not been established, namely that the FSP was not required to vary the loan terms and that the FSP had provided financial hardship assistance. Furthermore, we found that the offer made by the FSP for an stress and inconvenience suffered by the consumer was reasonable.
Summary of Determination
The Determination affirms the general position set out in our Review dated 14 June 2016 however had different alternate reasons for concluding that the offer made by the FSP to resolve the complaint was reasonable.