Radio Rentals has now commenced the remediation program.
Affected customers who took out a new contract between 1 January 2012 and 1 May 2015 may be entitled to receive a refund.
Radio Rentals / Rentlo Reinvented are committed to contact all customers entitled to this refund by November 2018.
We will be able to contact some affected customers more quickly than others but are happy to discuss if you are or are not entitled to remediation. In the meantime, if you would like to find out more information about the program we have a list of frequently asked questions below that may assist you.
Alternatively, if you want to clarify any aspects of this program, you may refer to ASIC’s (the Australian Securities and Investments Commission) MoneySmart Webpage - https://www.moneysmart.gov.au/tools-and-resources/news/radio-rentals-refunds
Frequently Asked Questions
1. Who is an affected customer?
Radio Rentals /Rentlo Reinvented have agreed with ASIC that customers who meet the following conditions will be entitled for remediation.
Customers who entered into a new rental contract between 1 January 2012 and 1 May 2015 and:
- Defaulted in making a payment in the first 12 months of their rental contract; or
- Defaulted on three or more occasions during the term of their rental contract.
2. What is the refund I will get?
Customers who meet the criteria outlined above will be entitled to receive either a refund (if you had paid us) or a write off (if you were only charged but did not pay) of the following:
- Late payment fees;
- Dishonour fees;
- Early termination fees; and
- Collection and enforcement expenses.
The refund that we calculate for you is based on the rental invoices and your payments to your Radio Rental / Rentlo Reinvented account.
In addition, if we have listed a payment default on your credit file as a result of your failure to pay the lease payments for an affected lease, we will remove that default listing from your credit file.
3. I have a rental contract that started between 1 January to 2012 to 1 May 2015 which is still active – what will you do with this?
If your rental contract is entitled to remediation (see Question 1 above), and you are still renting the item/s, you will be given the option to:
- Continue with your lease
- Make an offer to buy the rented item, or
- End your lease early.
4. When will I be contacted?
Radio Rentals / Rentlo Reinvented will make contact with all customers who are entitled for remediation by November 2018.
So we can contact you as soon as possible, please make sure you have provided your latest contact details to us. If you would like us to update your contact details, you may complete the form at the bottom of this page.
Please be assured that we are committed to contact all customers entitled for remediation. If you would like to contact us in the interim, you may contact the Customer Support team on 1800 464 732.
5. What are Radio Rentals / Rentlo Reinvented doing to address these issues?
We have taken significant steps to ensure our systems and operations comply with our responsible lending obligations.
Since the period investigated by ASIC, we have made significant improvements to Radio Rentals/ Rentlo Reinvented. Changes include:
- A new online credit application and assessment system to allow us to make sure it is appropriate for us to provide you with a rental contract
- A new plain english contract, which was introduced on 4 June 2018
- Ongoing reductions in pricing for rental items, below the maximum caps proposed by the Australian Federal Government
- An upgraded hardship policy to allow us to assist you when you may seek help during times of financial stress
We are confident we are now in a position to provide better service, one that we know many Australians need and want.
6. I have paid more than the Recommended Retail Price of an item I have leased from Radio Rentals / Rentlo Reinvented. Am I entitled to a refund or compensation?
Thorn’s remediation program, agreed to by ASIC, relates only to those contracts that are considered affected leases (see Question 1 above).
If your lease is not an affected lease then it will continue as normal and you will be required to fulfil your obligations under the lease agreement. You should review the standard Terms and Conditions of your lease agreement and familiarise yourself with your obligations.
If you do not have a copy of the standard Terms and Conditions of your lease agreement, you may contact your local store to obtain a copy free of charge.