Another big change in the third stimulus payment deals with debt. No back taxes, child support or other government debt will be deducted, but private debt could be.
Two-fifths of COVID-19 AFCA complaints about credit
subscribe
A
A
Forty-one per cent of COVID-19 complaints lodged with the complaints authority related to credit, with the majority of issues relating to borrowers not being able to access assistance.
According to new data released by the Australian Financial Complaints Authority (AFCA), the COVID-19 pandemic generated 15 per cent of financial complaints in the year since March 2020.
The statistics show that 11,482 of the 77,739 complaints received in the period 3 March 2020 to 28 February 2021 were related to COVID-19.
The non-government ombudsman service noted that, of the COVID-19 complaints received, 41 per cent related to credit products.
Advertisement
Citi Stupidity Clause Now Standard Feature Of Debt Deals
Never again will a bank have to admit how bad at banking it is in court, at least on this matter.
Author:
Mar 10, 2021
Never again will a bank have to admit how bad at banking it is in court, at least on this matter.
Decades, it seems, can pass between readings of the standard boilerplate inserted into every debt agreement. After all, this language has been honed by the finest transactional lawyers in the world; once they’re perfect, why change them, or even look at them when copying and pasting from the last one to the next one? It’s perfect, airtight, until it is not, because, as it turns out, some hedge fund managers are cleverer than decades’ worth of diligent contract attorneys, and some clients are far, far stupider than those same attorneys could have possibly imagined.