A mother and son who argued their car loan interest rate was too high and their repayments should have reduced over time have lost their complaint to Financial Services Complaints Ltd (FSCL).

Controversial take: If you are buying a car for $29 f-ing thousand dollars, with no downpayment, and accepting interest rates over 20%, and can and have afforded to pay $250 per week in repayments, you have no right to be complaining about the interest rate you agreed to.

  • biddyEnglish
    2·
    10 months ago

    You can argue it the other way though. This person is not making sound financial decisions, these loans are predatory and designed to take advantage of vulnerable people that don’t understand what their signing up for. This is a failure of the government both to educate people in financial literacy, and to regulate this industry and it’s predatory marketing.