The willing buyer test: what does market value really mean?
Zichen and Theo complained that the lender sold their business’s machinery for far less than what it was worth, and now they were stuck paying the rest of the loan back.
Topic: Business loan
Early repayment fee an unwanted surprise
When a small business repaid their fixed rate loan before the loan expiry date, the lender charged a break fee. The borrower thought this was unfair.
Is my loan a consumer credit contract?
Charlie said his loan was a consumer credit contract; the lender disagreed.
Sorry, I can’t pay
Aihe couldn’t afford to repay her business loan.
An unaffordable loan for a small business
A lender approves a small business loan without documentation showing that the business will generate enough additional income to pay the loan.
When a business loan is not a business loan
Linh did not understand that she was taking out a business loan. Should it have been a consumer loan?
Communication is key
Noah had to pay unnecessary legal fees because of a communication breakdown with his lender.
Mistake with a settlement statement
Ava and Jerome thought they had one contract with their finance company for the hire purchase of a truck and trailer, but they in fact had two contracts – which Ava and Jerome said they only found out after they sold the truck and trailer.
Tui waited too long to complain to FSCL
In 2022, Tui complained about a repossession that happened in 2016. FSCL was not able to investigate most of the complaint because of a six-year time limitation in our rules.
Lending to a family trust does not attract the CCCFA’s consumer protections
When Aleki’s family trust cannot repay a loan, it puts his family home in jeopardy
