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We have been experiencing severe financial hardship, with…

Customer Question
Hi, We have...

Hi, We have been experiencing severe financial hardship, with business and personal credit card debts totalling $112,000 with the ANZ Bank.

Lawyer's Assistant: What state is this in? And when did the issue begin?

Sorry - not finished - I have approached the bank and explained that if they are not able to reduce the debt and allow us to pay it off, then we have to enter into bankruptcy. They are willing to reduce the debt by 20% which I would need to find within 10 days, which is not possible. I thought banks were supposed to assist their clients when in hardship? It is in WA and started a couple of years ago

Lawyer's Assistant: Has anything been filed or reported?

What do you mean?

Lawyer's Assistant: What confuses you?

What do you mean by filed or reported?

Submitted: 9 months ago.Category: Australia Law
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Answered in 2 minutes by:
10/18/2017
Solicitor: Leon, Solicitor replied 9 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,700
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

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Solicitor: Leon, Solicitor replied 9 months ago

Good Afternoon

They are and they usually extend the repayments or freeze interest rates for a period of time.

I am surprised they offered to reduce it by 20% that is highly unusual.

What type of reduction were you wanting to get?

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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