Herald article on the Commission for Financial Capability report
The devastating impact of COVID-19 on New Zealand’s finances is already starting to show with 10 per cent of New Zealand households already missing a rent or mortgage repayment and 34 per cent facing financial difficulties. (The research was carried out in April 2020.)
Covid-19 restrictions allows truck shops to operate
Truck shop operators can offer essential items at their usual high interest credit. This creates debts that can result in long term financial difficulties for their customers.
COVID-19 restrictions creating high unemployment rates
Low-interest loan providers braced for surge in demand.
Predatory lenders should be banned for life
At NTM we remember that in 2018, Budget Loans were fined $720,000 in the Auckland District Court on 125 charges.
District Court judge said “… borrowers in particular… are entitled to be protected.”
Management banning orders have been issued against father-and-son from Budget Loans Limited.
The Harm Done from High Cost Lending
More needs to be done to curb payday lenders, written in the Dominion Post.
Press Release: Borrow’s pain needs an ambulance at cliff top
As submissions closed in June on the Credit Contracts Amendment Bill, the clarion call from Ngā Tangata Microfinance, FinCap, budgeting services and poverty focussed agencies throughout the country was unanimous: an interest rate cap must be a priority.
Press Release: Loan Shark Net Tightens
Ngā Tangata Microfinance (NTM) welcomes the new measures announced by Minister for Commerce and Consumer Affairs Kris Faafoi, that will strengthen the net of protection for vulnerable consumers in the Credit Contracts and Consumer Finance Act (CCCFA).
NZ loan sharks ‘a real underbelly’
Dale Owen from Newsroom has made a short video on loan shark practices in Auckland. The video includes comments by our founder – Dr M Claire Dale.
The War on Loan Sharks
Dale Owen from Newsroom has made a short video on loan shark practices in Auckland. The video includes comments by our founder – Dr M Claire Dale.
