Second set of changes to CCCFA “wrong option” Bankers Assn
The association says the Government's own experts produced some strong ideas which the Minister of Commerce and Consumer Affairs David Clark has ignored.
The CCCFA was accused of stopping banks, advisers and would-be borrowers from making otherwise workable deals with solvent people. It produced an outcry and preliminary reforms were announced in April.
The Government has now unveiled a second tranche of changes, which aim to exclude discretionary expenses of would-be borrowers more explicitly, and alleviate “disproportionate” inquiries made by lenders into the accounts of their clients.
They also aim to make debt restructuring more manageable.
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