Borrowers of instant cash loans in Australia should know that when they lodge a financial hardship complaint with COSL that their lender must not do anything which is inconsistent with a decision by COSL in the borrower's favour or an agreement between the lender and the borrower on a variation of the payment terms or a direction by COSL to the lender to vary the terms of a loan contract. The loan lender may resume enforcement action if COSL determine that COSL have no jurisdiction to deal with the financial hardship application or COSL consider that the financial hardship application has not been made out or as per the COSL rule 45(1), 7th Edition COSL Rules, where the lender did not consider the financial application in good faith as required by COSL Rule 18, 7th Edition COSL Rules, or declined the application on the basis of irrelevant considerations, COSL consider that it is not open to the lender to charge the borrower the cost of the stay in legal proceedings.
Otherwise, the borrower of instant cash loans in Australia needs to realise that despite the fact that the lender may still have declined the application, the i loan lender may seek from the borrower reimbursement for its reasonable expenses in obtaining a stay in proceedings. COSL expect this would generally be recoverable under the loan contract. However, the borrower of the instant cash loan will not be considered to have taken a step if the borrower of the loan only attended a directions hearing or agreed to consent to orders of a procedural nature being filed in the proceedings. Borrowers need to take note and understand the implications of following or not following the above detailed procedures with their lender and with COSL.
The lender of instant cash loans in Australia may only resume enforcement action if the lender allows the borrower twenty one days in which to file a defence or a defence and counterclaim, if the borrower has not already done so. Where appropriate, COSL can require the loan lender to, among other things, reconsider its decision to decline a financial hardship application where, for example, the borrower has put forward a reasonable repayment proposal or where the lender has taken into account inappropriate factors or where the loan is regulated to vary the payment terms of the loan contract or to reverse default fees, default interest and enforcement costs, pay compensation to the borrower or to do something by taking action and or to refrain from doing something.
Otherwise, the borrower of instant cash loans in Australia needs to realise that despite the fact that the lender may still have declined the application, the i loan lender may seek from the borrower reimbursement for its reasonable expenses in obtaining a stay in proceedings. COSL expect this would generally be recoverable under the loan contract. However, the borrower of the instant cash loan will not be considered to have taken a step if the borrower of the loan only attended a directions hearing or agreed to consent to orders of a procedural nature being filed in the proceedings. Borrowers need to take note and understand the implications of following or not following the above detailed procedures with their lender and with COSL.
The lender of instant cash loans in Australia may only resume enforcement action if the lender allows the borrower twenty one days in which to file a defence or a defence and counterclaim, if the borrower has not already done so. Where appropriate, COSL can require the loan lender to, among other things, reconsider its decision to decline a financial hardship application where, for example, the borrower has put forward a reasonable repayment proposal or where the lender has taken into account inappropriate factors or where the loan is regulated to vary the payment terms of the loan contract or to reverse default fees, default interest and enforcement costs, pay compensation to the borrower or to do something by taking action and or to refrain from doing something.
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