The Commerce Commission has filed High Court proceedings against finance company Linsa Finance Ltd, seeking orders that it return costs of borrowing totalling about $680,000 for more than 1,700 loan contracts. The Commission is also seeking, in the alternative, that Linsa Finance pays statutory damages to affected borrowers.
Proceedings have been filed at the High Court against finance company Linsa Finance, with the Commerce Commission pursuing orders that the company return borrowing costs of approximately $680,000 for over 1,700 loan contracts. In the alternative, the Commission is also seeking that Linsa Finance pays statutory damages to affected borrowers.
The Commerce Commission is seeking to claw back more than $650,000 from a finance company for 1700 borrowers on loan contracts. The regulator has filed High Court proceedings against Linsa Finance and is seeking orders for it to return costs of borrowing totalling around $680,000.
In addition to the breaches covered by this penalty, Vector also breached its quality standard in 2017 and 2018, the Commerce Commission said. Vector has been handed a penalty $3.575 million for breaching its network quality standard through an excessive level of power outages in recent years.
Auckland electricity lines company Vector has been ordered by the Auckland High Court to pay a multi-million-dollar penalty. The $3.575 million fine has been imposed because the organisation breached its network quality standard due to a high number of power outages.
Two Christchurch finance companies have been fined after taking security interests in customers' washing machines, fridges and even their beds. Alternate Finance and Crester Credit Company, both run by David Leighton Diggs, have been fined a total of $103,500 and ordered to pay another $21,000 in statutory damages, the Commerce Commission said on Thursday.
Crester Credit is one of two finance companies owned by Dave Diggs Group which was fined for taking prohibited goods as security interest. Two Christchurch finance companies have been fined $103,500 for taking security interests over prohibited consumer goods including washing machines, refrigerators, microwaves and beds.
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A total of $590,000 is set to be returned to finance customers following settlements between two finance firms and the Commerce Commission. Motor vehicle lender Auto Finance Direct Limited (AFD), part of the Optimus Group of companies, has agreed to return approximately $460,000 in fees which the Commission viewed as unfair.
Two lenders have been ordered to repay nearly $600,000 in unfair fees. he Commerce Commission has ordered two finance companies to return nearly $600,000 after settlements over unreasonable fees. Motor vehicle lender Auto Finance Direct Ltd has agreed to return $460,000 to 5000 borrowers which the commission said were unreasonable under the Credit Contracts and Consumer Finance Act.