We aim to describe how we deal with complaints about financial hardship; what we consider our lender Members must do when a borrower claims that they are unable to meet the payment terms described in their loan agreement or lease (“payment terms”) or seeks a variation to the payment terms on the grounds of financial hardship (“financial hardship application”).

Being the first Position Statement issued by COSL, this document is more general in its scope. It summaries the circumstances in which we can deal with complaints about our Members; how we go about resolving complaints; our position on legal proceedings when we receive a complaint; the remedies available under our process; the confidential and ‘without prejudice’ basis of our process; the responsibilities of Members and Consumers using our services; and how we fund our operations through a combination of membership and compliant fees.