The car loan she couldn’t afford to repay

Lucy approached a car yard to buy a car, and the car yard approved the loan using one of their financial products. However, Lucy was on parenting payments, she hadn’t worked for a long time, and didn’t have the capacity to pay off any loan.

Because Lucy resided in one of the many funded areas, she approached Better Place Australia free financial counselling for help to get out of the mess that had been created.

Our financial counsellor, Christine, spent time investigating to see where it had all gone wrong, including why the car yard approved a loan for her in the first place when she didn’t have the capacity to repay it. Christine discovered that Lucy and her partner both went to the car yard with the intention that the loan would be in the name of Lucy’s partner.

When the car yard did the application for him, they discovered he wasn’t able to support a home loan.

Watch Christine share more in the snapshot case study video below.

For a more detailed account, listen to the podcast.

Better Place Australia free financial counselling

The mission of Better Place Australia is to empower people to become more resilient, enjoy healthier relationships and support them through challenging times. When it comes to finance troubles, Better Place Australia free financial counselling is accessible if you live in one of the many funded areas across Victoria. For help, contact us today.

For more real stories about people with financial troubles and how our financial counsellors mediated for them, go to the Financial First Aid website and scroll down to Real Stories.