WA IRRESPONSIBLE LENDING BY WESTPAC ON INVESTMENT PROPERTIES

[Nige123]

who do you think is going to bankrupt you?

 

[Atticus]

Maybe ask the firm doing the class action you are a part of if there is anything you can do in your case

 

[claudia wilde]

In a bankruptcy, the bankrupts(s) don't get to choose which assets can or cannot be used to meet their debts.
Such decisions are taken out of their hands, and made by their Trustee In Bankruptcy.

Understand that being a party to a class action (most of which settle long before judgement)
does not create any kind of enforceable right to delay your creditors' rights.

Let's face reality here - you need the advise of a lawyer and an accountant
who specialise in Bankruptcy/ Insolvency. Without further delay.

Yes I am desperate but not a lot of money left, if there is any suggestions would be appreciated.

 

[Rob Legat - SBPL]

If you want to hold off bankruptcy, your only real prospect is to dangle something in front of your creditors to convince them to hold off bankrupting you. The current time frames also work in your favour due to COVID-19. If they were to issue you with bankruptcy proceedings at the moment, you have 6 months to reply - pushing the time periods out. Of course, that may not be of assistance as pretty much all time periods are blown out, including your class action (which notoriously go on for some time anyway).

 

[claudia wilde]

Thank you so much Rob for that information it is greatly appreciated, I think that is probably the way we will have to go.

 

[claudia wilde]

Hi would anyone have any advice regarding AFCA's determination regarding my appeal against Westpac's Irresponsible Lending case, where they have now changed the wording of their letter as it is misleading? I need to reply by close of business tomorrow. Any assistance would be greatly appreciated.

I can appreciate that in circumstances of stress and in dealing with processes unfamiliar to you, that it is possible for misunderstandings. It is possible that in our initial letter to you where we say “Our aim will be to put the complainant in the position they would have been in had the credit not been granted” that you thought this meant the debt could be waived. The Ombudsman and Lead Ombudsman have considered your comments and acknowledge the wording used about putting complainants in the position they would have been in, can be confusing. This wording has recently been changed in our template letters and is no longer used. I apologise if this phrase caused you confusion or gave you the expectation that your debt could be waived.

Many Thanks 👍

 

[Rob Legat - SBPL]

Have you suffered any loss from it (aside from 'disappointment')? If not, given the fact that they've apologised, I don't see much coming out of it.

 

[claudia wilde]

Our loss is a few million, but I pretty much thought that was the case.

 

[Rob Legat - SBPL]

My apologies. I meant your loss caused by their 'misrepresentative statement' - as distinct from your initial claim against them.

 

[claudia wilde]

Thanks for clarifying. Cheers