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I have 2 Mortgage accounts with the CBA. My husband and I…

Customer Question
I have 2 Mortgage...

I have 2 Mortgage accounts with the CBA. My husband and I are currently having financial difficulties and I have asked the CBA if we can have a pause put on both our loans for a period of 3 months, and have the period of the loan extended overall for 3 months. The CBA are claiming they they are unable to do this, and are expecting us to come us with 3 months worth of payments at the end of the 3 month pause. I don't understand how this is fair as if we are unable to make the payments now, how are we expected to make 3 months worth of payments in 3 months time. I understand that financial situations change, and we may be in a position to make up these repayments, however what if we can't. We don't want to loose our properties. Can you please give me some advice.

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

Sorry. Victoria

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

I have contacted the bank (which is no easy feat in itself as I have already been disconnected 3 times in the last 2 days due to them being busy :() and asked them if I can have a pause put on the loan with the extension on the end date. They are saying that they won't do this and they want to organise a payment plan.

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

My husband is currently out of work but is actively looking. I work full time however my wages are stretched to the maximum for the fortnight. We have 2 young school age children

Submitted: 29 days ago.Category: Australia Law
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Answered in 5 minutes by:
5/25/2018
Solicitor: Leon, Solicitor replied 29 days ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,594
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

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 29 days ago

Good Afternoon,

you are able to invite the hardship provisions and the bank should assist you.

The following link sets out what the legal provisions are applied by the government

https://www.commbank.com.au/content/dam/commbank-assets/support/docs/financial-assistance-support.pdf

the following is what is important to you

Our legal obligations As per our obligations under the National Credit Code, the Code of Banking Practice and the Government’s Hardship Principles, our Financial Assistance Solutions team will review all requests within 7 days from receiving them. We’ll provide a written response outlining the terms of our assistance, including the details of an appropriate solution tailored to your circumstances and the period of assistance. How we help you Our Financial Assistance Solutions teams will work with you to assess your situation and offer solutions tailored to your needs and financial well-being. We work with you to develop a suitable repayment plan. Depending on your circumstances, solutions may include: • Reduced payments for a period • Extension of a loan term • Debt restructure • Debt refinance • Concessions for certain fees and charges The solution we work together on is designed to help you achieve long-term financial stability.

I suggest that you write to the bank, and not use the phone as you require to have this all in writing and have evidence of what has been attempted to be done.

They have an obligation to assist you and if you can provide evidence that you are having difficulties your request is not unreasonable.

If they come back and refuse then your next option is to prepare a detailed complaint showing what attempts you have made to resolve the issue with the bank and obtain the banks assistance and in particular setting out each phone call date time and who you spoke to and each time you have failed to be up to speak to them.

The ombudsman will then take on the case and come up with a resolution.

But before you can take the matter to the ombudsman it is a requirement that you attempt to try and resolve the issue with the bank.

It is important that you have evidence and all requests and discussions should be in writing and confirmed in writing and details of who you speak to should also be taken down.

The ombudsman's website is as follows:

https://www.fos.org.au/

so put your request in writing to confirm the bank's obligations and your legal rights and then if they refuse again you take the matter to the ombudsman.

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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