High-cost lender Ferratum New Zealand Limited has admitted breaching the responsible lending provisions of the Credit Contracts and Consumer Finance Act 2003 (CCCF Act) and has signed Court-enforceable undertakings around its lending and advertising practices. In a settlement with the Commerce Commission, Ferratum has also repaid the cost of borrowing for 46 named borrowers, totalling $88,173.00.
PartiesFerratum New Zealand Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act s 9
