Consumer Credit Law
Navigating the labyrinth of consumer credit can be daunting, particularly for individuals and small businesses confronting well-equipped corporations. These larger entities typically possess in-depth understanding of the legal provisions designed for their own protection while adeptly circumventing yours. Although contracts theoretically advocate balanced fairness, it's common to see them artfully drafted, skirting the boundary of Australian Securities and Investments Commission Act 2001 (ASIC Act) compliance, thereby placing consumers in precarious situations.
At Arida Lawyers, we specialise in decoding the intricate legal criteria under the ASIC Act, equipping our clients with judicious advice to effectively manage their consumer credit disputes. By aligning our knowledge with the legal framework and our clients' best interests, we strive to equalise the credit landscape, promoting accountability among businesses and individuals who attempt to sidestep established protections.
Complete the consultation form today and take the first step towards a tailored consultation with our experienced team at Arida Lawyers
Our legal services are designed to assist consumers and credit providers alike in understanding the protections and restrictions of the ASIC Act and, where a dispute arises, provide all parties with the necessary legal advice to achieve the best possible outcome.
Credit Contract Review: We meticulously review and assess your credit contract to ascertain compliance with the relevant legislation, thereby offering you certainty and peace of mind.
Advisory on Rights under the ASIC Act: Our team expertly advises both businesses and consumers on their rights under the ASIC Act. We aim to identify and address any potential contraventions, providing you with the necessary information to safeguard your interests.
Representation in Negotiations: Arida Lawyers stands ready to represent both credit providers and consumers during negotiations. Our objective is to help you effectively realise your statutory rights and secure appropriate compensation.
Legal Representation in Court: If your dispute escalates to court, we can provide legal representation. We bring our experience and dedication to the courtroom of a competent jurisdiction, advocating on your behalf.
Your Step Forward
The first step is to familiarize yourself with your rights under the ASIC Act as a consumer. It's also crucial to maintain accurate documentation of all events related to a dispute to ensure a thorough and honest understanding of the situation. Read our Consumer Guide below:
At Arida Lawyers, we bring our experience and understanding of the ASIC Act to help consumers to navigate their protections and rights against deceptive or prohibited trade practices relating to consumer credit contracts. We are prepared to support you in asserting your claim against the credit provider and ensure that you are informed and able to protect your interests, fostering fairness in consumer credit contracts and balancing both parties' contractual obligations and responsibilities.
Enjoy peace of mind with our free 10-minute, no-obligation consultation. At the free consultation stage, we will provide you with an estimate of the costs to assist you with your consumer credit related matter. You will have the choice of selecting our fixed fee option if available.
Navigating the intricate terrain of credit can be complex, especially for consumers contending with contracts that may not cater to their specific needs. As a consumer, understanding your legal rights and remedies under the ASIC Act is crucial when it comes to the defence against unfair or standardised contracts. Our guide is designed to help you understand and assert these rights effectively.
Grasping the definitions within the ASIC Act is vital, despite the complexity of the terminology and the consumer protections it outlines.
What is a consumer and a small business?
Under the ASIC Act, a consumer is someone who has procured a financial service for a sum not exceeding $100,000, or for personal, domestic or household consumption, or in association with a small business.
Your enterprise qualifies as a small business if it employs 100 individuals (in the case of goods manufacture) or otherwise, 20 people.
What is a credit facility?
Often, the ASIC Act encompasses a 'credit facility', typically associated with rental agreements. As defined by the regulations, a credit facility extends a financial product or credit to a consumer, or a contract for hiring, leasing, or renting goods or services with no upfront payment or deposit equal to the value of the goods required.
How the ASIC Act protects you as a consumer from a credit facility?
The ASIC Act confers certain protections if you fall within the aforementioned definitions. These include:
Unfair Contract Terms: You have the right to nullify any unfair term in a standard form contract for the supply of a financial product or service. A term is deemed unfair if it significantly disrupts the balance of rights and obligations, is not essential to protect a party's legitimate interest, and if relied upon, would cause detriment to a party.
Standard Form Contracts: These contracts are usually drafted by one party and are presented to the other party to accept or reject without consideration of their specific interest or characteristics.
Unconscionable Conduct: The ASIC Act prohibits unconscionable conduct, such as exploiting a consumer's known disadvantage.
Misleading or Deceptive Conduct: Consumers are protected from deceptive conduct concerning the quality, value, or standard of a service, any sponsorship or affiliation, or the existence or payment of a condition, warranty, right, or remedy.