Frustrated at the treatment he received by the bank appointed receiver; Heath is angry with Pestwac. Heath is looking for any opportunity to get back at them. He looks over his bank statements and notices some irregular transactions. It would seem as though someone discovered Heath’s password and instead of cleaning out his personal bank account, has instead made small weekly withdrawals to avoid detection. Over the space of one year, Heath has lost $2500. In addition, he thinks back to the circumstances of his loan with Pestwac. The loan manager, Jill, was very pushy. She mentioned the bank was running an internal competition amongst its staff to see who could close the most loans. In amongst the conversation she stated ‘look I really need this to go through quickly, if you sign up today I will offer you a sweet deal of 7% interest for the first five years. But the offer is only good today as the competition finishes at midnight’. Because Heath had a savings account with Pestwac, Jill was quickly able to access his account details and noted a only a small balance of $100 but said ‘at least your income is greater than expenses, and you could probably drop the Foxtel and Netflix subscriptions if you are short’. As it turns out, Heath had several maxed-out credit cards with other banks, and Heath’s roommate was repaying Heath for the Netflix/ Foxtel. Heath was regularly skipping meals to make ends meet. Advise Heath in relation to any actions he could take against the bank, or, alternatively, make a complaint to ASIC?
Frustrated at the treatment he received by the bank appointed receiver; Heath is angry with Pestwac. Heath is looking for any opportunity to get back at them. He looks over his bank statements and notices some irregular transactions. It would seem as though someone discovered Heath’s password and instead of cleaning out his personal bank account, has instead made small weekly withdrawals to avoid detection. Over the space of one year, Heath has lost $2500. In addition, he thinks back to the circumstances of his loan with Pestwac. The loan manager, Jill, was very pushy. She mentioned the bank was running an internal competition amongst its staff to see who could close the most loans. In amongst the conversation she stated ‘look I really need this to go through quickly, if you sign up today I will offer you a sweet deal of 7% interest for the first five years. But the offer is only good today as the competition finishes at midnight’. Because Heath had a savings account with Pestwac, Jill was quickly able to access his account details and noted a only a small balance of $100 but said ‘at least your income is greater than expenses, and you could probably drop the Foxtel and Netflix subscriptions if you are short’. As it turns out, Heath had several maxed-out credit cards with other banks, and Heath’s roommate was repaying Heath for the Netflix/ Foxtel. Heath was regularly skipping meals to make ends meet.
Advise Heath in relation to any actions he could take against the bank, or, alternatively, make a complaint to ASIC?
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