The Catholic Church has made submissions on the Credit Contracts Legislation Amendment Bill The Bill amends the Credit Contracts and Consumer Finance Act by strengthening requirements to lend responsibly. It is designed to clamp down on predatory lending practices and stop borrowers being caught in a spiral of unaffordable debt. Writing in The SpinOff, business Read more
Seven money lenders and retailers have been named by marae advocates for allegedly helping poor South Auckland families to incur heavy debts. Te Puea Memorial Marae chairman Hurimoana Dennis has named the South Auckland lenders and retail outlets whom he says are most commonly owed money by homeless families coming to the marae for help. Read more
The Salvation Army will be the front door for a new Government-backed loans scheme aimed at saving low income families from loan sharks. The inspiration for the scheme came from a similar one run in Australia by a financial institution and a microfinancing body which was started by Catholic nuns. The Community Finance Scheme in Read more
Money lenders are offering lavish gifts and prizes to entice people into taking out high-interest loans for Christmas. Companies with interest rates of up to 43 per cent are being accused of “targeting the vulnerable” in Auckland’s lower socio-economic groups. Finance Now mailouts offer customers the chance to “enjoy a special surprise this Christmas”. If Read more