How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Leon Your Own Question
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45868
Experience:  24 years experience. Admitted in New South Wales and the UK.
Type Your Australia Law Question Here...
Leon is online now

I was forced into obtaining an investment loan in Australia

Customer Question

I was forced into obtaining an investment loan in Australia after I got divorced. The high Court ruling in Australia has said that the loans and massive interest rates are legal and enforceable. Do I have any case against the accountant who pushed me into this loan? Initial loan was $60,000.00 Now I owe $92,000.00. I can't pay it
Submitted: 3 years ago.
Category: Australia Law
Expert:  Leon replied 3 years ago.
Good Morning,
My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.
Are you able to tell me what was the interest rate on the loan?
An excessive interest-rate something in the vicinity of 36% per annum if you have entered into this type of loan, usually given by loan sharks then the court will read down the interest-rate to a more reasonable amount.
If the accountant organise the loan and was not appropriately licensed then you may have an action against him through ASIC and also for negligence.
Expert:  Leon replied 3 years ago.
Good Morning
I'm just following up our discussion earlier this week and seeing whether there is anything else I can assist you with.
If I have missed anything, or you have any further questions please let me know.
If there is anything else in the future please do not hesitate to ask.
Please do not forget to leave positive feedback.
I look forward to hearing from you.