home.social

#financialhardship — Public Fediverse posts

Live and recent posts from across the Fediverse tagged #financialhardship, aggregated by home.social.

  1. Rising rent? Mega mortgage? Cozzielivs? 'Hardship' help hard to get, as banks fail to help those who need it.

    A recent #ASIC report reveals that lenders' hardship processes are so challenging that many struggling customers give up. Mortgage hardship notices surged by 54% in the last three months of 2023 compared to the same period in 2022.

    ASIC criticises banks for not complying with legal obligations to assist customers, as rising interest rates, soaring rents, and living costs push more borrowers into financial trouble.

    ASIC plans further legal action against non-compliant lenders. #FinancialHardship #ASIC #BankingReform #ausecon #auseconomy #banks
    abc.net.au/news/2024-05-20/har