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ARTICLE · 21 DECEMBER 2017

Your FOS (Financial Ombudsman Services) toolkit (December 2017)

Cooper Grace Ward
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This article discusses cases regarding a repossessed commercial vehicle and increasing a credit card limit for gambling.

AustraliaFinance and Banking
Graham Roberts
Graham Roberts
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TOPICS DISCUSSED:

  • Market value of repossessed commercial vehicle and steps taken to sell vehicle
  • Increasing a credit card limit where the funds were used for gambling

MARKET VALUE OF REPOSSESSED COMMERCIAL VEHICLE AND STEPS TAKEN TO SELL VEHICLE

Product: Motor vehicle loan

Result: In favour of FSP

Decision: Case number 466915 dated 28 August 2017

Facts

The applicant company obtained a loan from the FSP to buy a new truck. The loan went into default and the FSP repossessed the truck and arranged for it to be sold at auction.

The applicant alleged the FSP did not properly market the truck for sale and that the FSP had sold it below its market value.

Before selling the truck, the FSP had obtained two valuations: one from a well-known independent national vehicle auction house and the other from a commercial entity related to the FSP. The valuations were both $110,000.

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