Mortgage News

Lender charged unreasonable fees

Thursday 26th of September 2013

Elderton admitted breaching the Credit Contracts and Consumer Finance Act and the Fair Trading Act.

It has refunded the customers concerned $42,000 and has agreed to stop making consumer loans.

One loan’s balance was adjusted by about $55,000.

The Commission said the fees it was charging for establishing loans and to customers who defaulted were unreasonable.

A fee o...

Want to read the full article?
Click the button below to subscribe and will have unlimited access to full article and all other articles on the site.