The great Cash Converters FAIL

hillary smith

From Unofficial Centrelink News:

Have you been EXCLUDED from the Cash Converters loan remediation program?

Cash Converters agreed to repay 118,000 borrowers who were sold unsuitable loans online. But hundreds of thousands of borrowers have missed out on full loan refunds because they signed up to the same loans in a Cash Converters store.

“All eligible customers have now been identified and we are in the process of contacting and remediating these people,” said a Cash Converters spokeswoman.

But even if you missed out, you can complain, and you may still be eligible for a loan refund. And we show you how.

Disability pensioner Sienna Smith from Adelaide has three Cash Converters loans and can’t repay them. Responsible lending guidelines require that a lender must assume a third loan to a low income borrower already struggling with repayments is unsuitable.

But Sienna has missed out on a Cash Converters loan refund because one of her credit contracts was sold to her over-the-counter in a Cash Converters store. Sienna is complaining to the Ombudsman and she seems to have a good case.

“Even if the consumer applied for the loan in-store, if the consumer believes that the lender may have breached its responsible lending or other obligations, we will investigate the complaint at no cost,” said Credit and Investments Ombudsman Raj Venga.

“We may require the consumer to provide us with information about their financial situation at the time of the loan application,” said Mr Venga.

“This could include bank statements or income documentation.”

For more information call the ombudsman on 1800 138 422 or go to www.cio.org.au

For help making a complaint, call a free financial counselor on 1800 007 007.

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