What is considered reckless lending?
Reckless lending is generally considered to occur when a credit provider fails to conduct a detailed credit assessment as required by the National Credit Act (NCA) and still offers the consumer credit.
Here are some conditions that are typically considered as reckless lending:
- The credit provider did not conduct an affordability assessment before entering into a credit agreement with a consumer.
- The consumer did not understand and acknowledge the risks, costs, or obligations created by the proposed credit agreement.
- The consumer becomes over-indebted as a result of entering into the credit agreement.
Learn More about Reckless Lending
At NDRC, we have experienced debt counsellors who can help you understand your rights and explore solutions if you’re facing a potentially reckless credit agreement. We offer free, confidential consultations where you can discuss your situation and explore options like debt review, which can help you manage your overall debt and become debt-free faster.
Book with The National Debt Review Center
If you’re unsure about your credit agreements or suspect recklessness, don’t hesitate to contact NDRC. You can book a free consultation with one of our debt counsellors by clicking the booking button below or calling us at 0410125036
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