CHOICE membership

We need your help today to save vital consumer protections!

Hi CHOICE Community,

We need your help today to protect safe lending laws!

What are safe lending laws?
Safe lending laws are essential consumer protections introduced after the Global Financial Crisis. They are laws that requires to do basic checks before offering loans to people. They are in place so banks do not sell people into loans they will never be able to afford. The Banking Royal Commission found countless examples of bank’s ignoring safe lending laws and trapping people into expensive and high-risk loans.

The very first recommendation of the Royal Commission was to keep safe lending laws.

What is the government planning?
The Government has announced plans to axe lending laws. This will hurt people, the economy, and goes against the very first recommendation of the Banking Royal Commission. However, crucial crossbench Senators have the power to block the Government’s proposal.

What is happening today?

Today (19th February 2021) the Senate Economics Committee is holding public hearings into the proposal, and CHOICE is scheduled to appear at 11:45am.

Here’s how you can help:

We know that journalists will be keeping an eye on social media, publications and even forums like this to gauge public sentiment.

Do you have a bank horror story you’d like to share?

Maybe you or someone you know was offered a credit card without requesting one, or given an inappropriate or unaffordable loan. Comment below with your story (remember: only share what you feel comfortable making public).

If you don’t have a story, but still feel strongly about safe lending laws – tell us why below. We want to hear from as many people as possible to show how our community feels about these crucial consumer protections.
IF you’re on twitter, you can join the conversation by using #MyBankHorrorStory and #DebtDisaster.

Thank you very much for your support!

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The Consumer Action Law Centre are also on the band wagon.

"XXXX,

Have you ever had the feeling of overwhelming stress that comes with rising debt? If you haven’t, most of us would at least know someone else who has. For many community workers and financial counsellors, it’s something they witness on a daily basis.

Whether it’s our own or someone else’s – we all have our stories of debt.

This is why it’s so difficult to understand why the Federal Government is trying to unwind key protections that prevent people from being saddled with unaffordable debt. Perhaps they need a reminder of just what’s at stake for people, for families, and our community.

Will you share your story of debt to tell parliamentarians just what’s at stake if they vote to axe our safe lending laws?

If you’re on Twitter, share your debt story using the hashtag #debtdisaster.

TWEET YOUR STORY

For those of you not on Twitter, share your story using this form and we can tweet it on your behalf.

SUBMIT YOUR STORY

Sharing personal stories can be the most effective thing in changing someone’s mind. There’s been a lot of talk about how these laws affect credit and the economy – but what’s missing are the stories from people experiencing financial hardship, and the many more that will come if the Government’s proposal goes ahead.

Stories like this:

Today, the Senate Committee tasked with reviewing the Government’s proposed repeal of safe lending laws will hear evidence from both sides of the debate. We need to make sure the stories that cut through are from those who truly understand the devastating consequences of unaffordable debt.

Can you please help get the story out there by sharing yours today?

Thanks for speaking up!

Alycia Gawthorne
Campaigns & Advocacy Adviser, Consumer Action"

And an article on their website.

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Some further reading on the fight to keep safe lending:

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Campaigning in Canberra, an inside look:

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