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.
Topic: Business loan
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
Alan loses his family home when his business cannot repay a debt
Alan complains that a lender incorrectly sold his property at mortgagee sale following his business being unable to repay a debt.
