Snowballing complaints
Gina experienced minor irritation with her payments, but things reached a head when the lender was unable to locate a missing payment and then charged a $32,000 early repayment cost.
Gina experienced minor irritation with her payments, but things reached a head when the lender was unable to locate a missing payment and then charged a $32,000 early repayment cost.
Charlie said his loan was a consumer credit contract; the lender disagreed.
Anika and Jack could no longer afford to make their repayments, so they applied for hardship assistance. Was the lender entitled to decline their application?
When Wiremu and Marama’s income unexpectedly reduced they could not afford to repay the loan, resulting in the forced sale of their home.
Jenny and Paul were experiencing financial hardship, but because the lending was secured by an investment property the Credit Contracts and Consumer Finance Act did not apply.
Chen’s lender moves towards mortgagee sale when Chen does not repay a loan after the agreed term ends.
Stella budgeted for mortgage repayments of her investment property assuming her interest rate would decrease when it moved from a variable to fixed interest rate.
Fetu was concerned about how his lender had managed EQC settlement funds.
Stephen was charged a $88,000 fixed rate break fee when he repaid an equity release loan early
When Christina’s circumstances changed, making repaying a loan impossible, the finance company was given no option but to apply to the court for substituted service to allow them to sell the property