Making an irresponsible lending complaint
What are the responsible lending laws?
The law states that a credit card company must not approve your credit card or approve a credit limit increase, if it would cause you substantial hardship to comply with the repayments.
It is presumed that you would not be able to comply with the repayments if you would experience substantial hardship by repaying an amount equal to the credit limit over three years.
The law also states that the credit card company must:
· make reasonable enquiries about your financial situation before approving your credit card;
· take reasonable steps to verify your financial situation before approving your credit card;
Together, these laws are known as the responsible lending laws.
You can find more information about what is expected of a credit card company here: https://download.asic.gov.au/media/5403117/rg209-published-9-december-2019.pdf
 Section 133 of the National Consumer Credit Protection Act 2009
 Section 133(3AA) of the National Consumer Credit Protection Act 2009; The period determined by ASIC is 3 years.
How can I check if the credit card company / debt collector has broken the responsible lending laws?
You can use the Credit Card Debt Assistance Tool below.
- This tool will:
Ask you some questions about your credit card account and the documents you received from your credit card provider;
- Ask you some questions about what you could afford when they gave you the credit card or increased your credit limit (if applicable);
- Generate a letter of demand that you can send to your credit card company / debt collector.
- Send you an email with a link to the letter and some other information to help you take the next step in dealing with your credit card debt.
If you want to speak to a lawyer that specialises in irresponsible lending complaints, you can call 1800 466 477.