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Afternoon, I have two loans at the moment which I obtained…

Customer Question
Afternoon, I have two...

Afternoon, I have two loans at the moment which I obtained in good faith while working. I suddenly found myself without employment and on the age pension. Although the creditors have been very helpful I am finding it now difficult to pay back these loans. Is there any way I could approach them to either waive the loans (each approximately 3,500.00) or perhaps reduce the amount owing so that I may attempt to finalise them before I drop of the perch so to speak. Thank you Corrie

Lawyer's Assistant: What state/territory are you in? It matters because laws vary by location.

I am in NSW

Lawyer's Assistant: What steps have you taken so far?

I have asked them to reduce the payments to 50.00 a month but even this would then take quite a number of years and as I only get about 950.00 a fortnight and 800.00 of that has to pay my fortnightly rent it does not leave much for other things such as electricity etc.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No just trying to stop stressing about this !!! Thank you

Submitted: 2 months ago.Category: Australia Law
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Answered in 5 minutes by:
5/25/2018
Solicitor: Leon, Solicitor replied 2 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,887
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Hi, I am Leon, a NSW Solicitor. I am reviewing your question and will reply again in a moment.

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Solicitor: Leon, Solicitor replied 2 months ago

Good Afternoon,

you are well within your rights to approach them and request that they waive the loan. In order for them to consider your request they will require that you provide them a full balance sheet showing all your income and expenditure and your assets and liabilities.

If you have no assets but are renting and your income is only the pension this may be convincing and they may reduce or waive the entire loan.

I suggest you put your request in writing and show what you can afford to pay and that by making any payment you are being put in financial stress.

If they then refuse, then you will have to consider other options with the worst being declaring bankruptcy, if you have no other assets which will wipe the debts and after 3 years you are free to do as you wish.

But any requests should be made in writing.

I hope this has assisted you with your question today.

If you wish to have a phone call to discuss this in more detail please elect a call or I can send you a request.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. You rating my work 5 stars allows me to continue to provide a service to those who require it.

I am happy for you to ask further questions on anything you wish more detail on.

Let me know if I have answered your question today.

Regards

Leon

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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.

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