The Commission has filed civil proceedings in the High Court against Go Car Finance Limited (Go Car) alleging breaches of the Credit Contracts and Consumer Finance Act 2003 for failing to sufficiently assess whether borrowers could make payments under consumer credit contracts without suffering substantial hardship. This enforcement action came after a two-year investigation into Go Car’s responsible lending practices. In the proceeding, the Commission is seeking pecuniary penalties, statutory damages for named borrowers and orders waiving any outstanding amounts owed by named borrowers where their vehicles have been repossessed.
PartiesGo Car Finance Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act s 9C
