Our Legal team achieve a positive outcome for Nicholas
Written by Stephanie Crouch
When a person's decision-making ability is impaired due to disability, age, mental illness or injury we may be appointed as a financial manager to make financial decisions on their behalf.
As a financial manager, we help people to look after a person’s financial and legal affairs and make decisions in their best interest. However, this can be a complex task and sometimes requires our Legal Services team to lend their knowledge and support.
Recently our Legal Services team played a significant role in protecting the legal rights and interests for our customer who is under financial management, Nicholas*.
Nicholas had been placed under a financial management order. At the time the order was made, he had just received an inheritance from an uncle’s estate. He was also part owner of a property in regional New South Wales which had been purchased using a loan.
At the time the financial management order was made, the bank had foreclosed on the loan as they no longer believed Nicholas to be a suitable customer. They then commenced proceeding to repossess the property after repayments had stopped.
Our Legal Services team managed to obtain a stay of proceedings which meant any future court proceedings were temporarily stopped to avoid unfair circumstances. They also lodged a complaint with the Australian Financial Complaints Authority on behalf of Nicholas. After the Financial Complaints Authority upheld the complaint, Nicholas was released from the loan contract and was compensated.
The work carried out by our Legal Services team enabled Nicholas to remain in his home and retain the inheritance from his uncle’s estate to help provide for his future needs.
*Name has been changed for privacy reasons.
Definitions
- legal right
A claim recognised by law.
- financial management order
A legal decision made by a court or tribunal appointing a person or organisation to make legal and financial decisions on behalf of someone who is not able to make such decisions for themselves.