Selma’s Story: Financial Stress
Selma is 28, has a gambling addiction and took a small loan with an unregulated online lender for $350. After taking the loan she lost her job and within two months owed $950. Financial Rights wrote to the lender alleging ‘unconscionable conduct’ and asking for a full waiver.
The waiver was refused but the lender agreed to reduce the debt to the original $350 borrowed and allowed Selma to enter a payment plan of $30 per fortnight until the debt was paid.