Topic: Consumer Credit

A lender failed to make reasonable inquiries about Njambi’s income and expenses, leading to an unaffordable loan

A lender under-estimated food and rent expenses resulting in unaffordable lending

A lender used a lump sum amount for living costs in their affordability calculation that did not correspond with data available from Statistics New Zealand

In 2010 Tricia was given credit by a mobile trader. Does the mobile trader still have to comply with responsible lending obligations which came into effect in 2015?

George and Lorraine borrowed $28,000 to join a vacation club. Their membership included vacation credits they were supposed to be able to use to book accommodation. Despite repeated attempts to make a booking they were unable to secure accommodation.

Who is responsible when goods bought on layby are damaged?

When Julie’s car is suddenly repossessed, she complains the lender calculated the arrears on her loan account incorrectly.

Nikau had a credit card that he thought he had paid off. However, the card was never fully paid, and the balance escalated due to compound interest before the debt was sold for debt collection. When the debt collector contacted Nikau, he disputed the debt because he did not know where it came from.

The lender assessed the borrowers’ affordability as co-borrowers when in reality they were a borrower and a guarantor

Ben complained that the lender’s decision to decline hardship assistance was unfair. The lender changed their mind and agreed to Ben’s request to consolidate his loan arrears