The High Court has made declaratory orders that Real Finance Limited contravened section 41 of the Credit Contracts and Consumer Finance Act by charging unreasonable establishment, administration, and default fees on loans entered between 1 April 2013 and 31 March 2020. Real Finance consented to the Commission seeking those declaratory orders following a settlement between the parties. As part of this settlement, Real Finance has undertaken to repay $1,360,010 (including interest) to 515 borrowers it over-charged on loans entered into between 1 April 2013 and 2 February 2022.
PartiesReal Finance Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act s 41
