Ferratum New Zealand Limited
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.
Case Details
Parties
Ferratum New Zealand Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act 9
Industry
Financial and insurance services
Status
Closed
Outcome
Settlement
Case Number
Date opened
30 May 2018
Date closed
06 May 2020
Contact person
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