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QLD Financial Hardship - Action Against Bank for Car Loan?

Discussion in 'Debt and Bankruptcy Law Forum' started by Germinario94, 28 December 2015.

  1. Germinario94

    Germinario94 Member

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    Hi, I'm looking for general help on whether or not I can take my bank to court over them giving me a car loan I could not afford to pay back.

    Back in 2013, I just turned 18 and walked into a dealership with my income of $200-400 a week. It differed from week to week because I was on casual employment. The lady at the dealership granted me a loan for $21,000.00 through the bank and 2 years down the track, I'm in financial hardship trying to pay this loan back with the income I have.

    I have been notified that the lady at the dealership has also been fired after giving a numerous amount of young teenagers loans they couldn't afford to pay back. The repayments are $205 a fortnight over 7 years. I had legal advice at least 5 months ago but I want to reconsider my options.

    I look forward to some suggestions.

    Thanks in advance
     
  2. Sophea

    Sophea Well-Known Member

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    I have never heard of anyone succeeding on allegations of bank negligence for irresponsible lending. The policy decisions behind lending criteria go further than simply the employee who granted you the loan.

    Where does an individuals own sense of common sense and responsibility for their own actions come into it? At 18 you are an adult and deemed to be able to make legal and financial decisions for yourself. You weren't coerced into taking out the loan. If you can't repay it, sell the car.
     
  3. Germinario94

    Germinario94 Member

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    I've called some lawyers and they're willing to investigate my case as a "Toxic Loan"/ Thanks for your help, though.
     

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