What is the Remediation Program about?
We have looked at loans that were entered into between 1 July 2012 and 30 April 2017 and identified that we could have been more thorough in our understanding of a customer's financial situation when circumstances for that customer changed. As a result, we are undertaking to review all contracts to check if any customers experienced financial difficulty.
How was my remediation payment calculated?
Your remediation amount is calculated based on the interest that was charged to you and may include any Default and Establishment fees that your paid previously.
How long will the payment take?
Upon confirming your details, the payment should be in your account within the next 30 days.
What if I disagree with amount?
The remediation payment amount methodology was agreed with Australian Securities and Investments Commission (ASIC). If you require more information as to how we completed our calculation, we can provide you with a working paper that details how we came to the final amount.
Why was my contract reviewed?
Volkswagen Financial Services Australia has entered into a Court Enforceable Undertaking (CEU) with ASIC, as we have acknowledged ASIC’s concerns that we did not, in some of our credit contracts dated between 1 July 2012 and 30 April 2017, make reasonable enquires about our customer’s financial situation when entering into a credit contract.
We agreed with ASIC, that we should complete a full review of our credit contracts from that timeframe. We have also agreed to remediate all our customers that are eligible for remediation under the CEU. Our goal is to put our customers first and fix our mistakes.
Who is ASIC?
Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian government tasked with regulating company and financial services as well as enforcing laws to protect Australian consumers, investors and creditors.
Who will be reviewing the contracts?
Our team of qualified experts have reviewed the credit contracts and its suitability to your own personal circumstances.
Are there any media releases I can read?
Yes, ASIC has a media release about this program on their website. This can be found on the web by entering the keywords “ASIC” and “VWFS” in your preferred search engine. Alternatively, you can access the media release via the following direct link:
Can I appoint someone to act on my behalf?
Yes, we can provide you with an Appointment of Representative Form which you can complete and return either via email or post. If you would like to receive an Appointment of Representative Form, please reach out to one of our Remediation Officers at your earliest convenience.
Once we receive your completed Appointment of Representative Form, your designated Authorised Representative will become the primary contact for the purpose of this Program.
Car servicing, repairs and mechanical concerns
As we are calling from Volkswagen Financial Services, we are not best place to respond to any car servicing, repairs and mechanical concerns. For general questions regarding your vehicle, we suggest you contact our Volkswagen Australia customer experience contact centre on 1800 607 822 (toll free).
Contacting us via the National Relay Service
The National Relay Service is a free government service that is available 24/7 and allows people with hearing or speech difficulties to make and receive phone calls.
You can contact the National Relay Service on 1800 555 660 (Monday to Friday 8am – 6pm), where you will be greeted by a relay officer.
Once you are connected with a relay officer, please let them know to contact us on <insert phone number to contact> (toll free), so we can continue with our conversation and assist you with next steps.
More information about the National Relay Service can be found at: https://www.communications.gov.au/what-we-do/phone/services-people-disability/accesshub/national-relay-service/.
We value our customers and take our lending obligations seriously. Should you have any complaints in relation to this Remediation Program, please contact 1800 761 689 (toll free).
If you are still not satisfied with our decision, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides a fair and independent complaint resolution service that is free to customers. You can contact AFCA via:
Phone: 1800 931 678
Post: Australian Financial Complaints Authority GPO Box 3
Melbourne VIC 3001
Note: Time limits may apply for AFCA to consider your dispute
If you have any questions or concerns about the Remediation Program, please contact our Remediation Service team, via:
Phone: 1800 761 689 (toll free) to confirm or provide your details to one of our Australian based Remediation Officers
Monday – Friday 9am to 5pm (AEST)
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