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Ask Leon Your Own Question
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43252
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I have a problem when I selling my house just because one of

Customer Question

Hi I have a problem when I selling my house just because one of the caveats wants the ridiculous interest when I borrow a personal loan from a private company 22 months ago I only borrow $30.000.00 but they end it up with $88.072.00 whiles I already paid $3900.00 interest if I don't agree the above among they require is it will affect my settlement ? 28/08/15 thank you.
Faithfully yours
Kim
My email address is***@******.***
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good evening

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You cannot settle without the caveat being withdrawn.
Your only option is to have the money set aside in a trust account and then negotiate with the party that you owe the money to.

If you wish to challenge the interest rate you will have to sue them.

If it is a bank you can go to the ombudsman. if it is a private lender then you have to sue in court.

But unless the caveat is withdrawn on settlement your purchaser will not have to settle.

I hope this makes sense and is of assistance and makes sense?