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COSL receives 109 complaints against non-major lender

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Australian Broker | 25 Nov 2013, 05:56 AM Agree 0
Lenders have come under fire from the Credit Ombudsman Service, with one receiving more than 100 complaints over the past year.
  • hardship | 25 Nov 2013, 09:52 AM Agree 0
    57% of complaints to COSL were because people lost their jobs? Damn - where did I put that crystal ball.
  • Old Joe | 25 Nov 2013, 10:00 AM Agree 0
    Sometimes you have to complain to COSL to get things moving , some of the lenders can be slow to act as it takes up a lot of resources. Where I get excited is the amount of borrowers who borrowed for investment and moved into the property and then seeking Hardship... they didnt lie on the app form to get the loan did they...nah....its always the broker...never the branch staff...Good times yet.
  • No Time Like The Future | 25 Nov 2013, 05:20 PM Agree 0
    Imagine if we DID have a recession.

    The types of lenders complained against lead to a special type of borrower and I've seen it.

    Slow to accept, quick to blame, quick to complain.

    Anyone else agree?
  • James | 30 Nov 2013, 07:06 PM Agree 0
    What they don't tell you is that 90% of the complaints regarding hardship came from borrowers who have already had loan repayment variation agreements with their lenders several times over due to "hardship" and now want to complain because they are being made to pay their loans and honour their agreements like the rest of the borrowers.
  • JohnH | 24 Apr 2014, 03:26 PM Agree 0
    I can't imagine why Pepper has trouble with people paying their mortgages. Didn't this kind of lending cause a problem in the recent past?

    From promotion for their products.
    Pepper home loans have a range of options for people who have had credit issues in the past. Self-employed borrowers are usually kept at arms length by major lenders in the best of circumstances. When their credit records take a hit, lenders usually stay well clear. This is where Pepper are different. They help self-employed borrowers with bad credit records, with two self-employed home loan options.
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