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CRITICAL NOTE::: DEBT COLLECTION FEES :::CRITICAL NOTE

Commerce commission crackdown on Invalid or illegal debt collection charges!!
Read More [HERE]

FINANCE WARNINGS

This page has some extreme cautions, content may be disturbing to some!

WARNING - Short Term Loans -

Extreme Caution - Costly
There are a number of Short term Loan Providers advertising as New Zealand businesses, offering a seemingly legitimate service.
And until things go wrong, there is nothing wrong with them.
But thats where things go horribly wrong for the unsuspecting consumer...
Although there is an expectation that the loan will be repaid within the loan timeframe, what many kiwi's have found out, the loans dont actually have an end date, and if they are not repaid on time, they grow... forever...
Here is part of a debtors statement..

It clearly shows that the debt quickly went from $200.00 to $1014.
What it doesnt show, is that the interest rate of $365% per annum was calculated and added daily.

For the layman what this means, is that each day the interest is charged and added to the outstanding balance. For the example above if the account was not paid by the due date and remained unpaid at the end of one year the balance outstanding would be over $10,000 which equates to over 5000% per annum

If you are having a problem working it out click --[HERE]--




WARNING - CAR LOANS - Immobilisers

Watch out!!
As you drive away in your new car, having signed up to their finance agreement, you are pretty pleased with yourself , right?
Then you realise things are not what they seem, do you feel like someone is watching you? Maybe they are?

After a complaint raised recently in respect of a debtors loan, and the actions of the car company, I investigated the issues, and sure enough, what I thought was a bad joke turned out to be actual fact!

It seems a number of car companies are installing tracking devices into cars in order to ensure their security is protected, however when the contract of one of these companies is read, it sounds more like something from the movie 1984.

'The Blackhawk unit uses a GPS tracking device which is able to locate the vehicle at any time of the day or night. The Unit is an immobiliser and may be used to immobilise your vehicle if you do not pay on time as per the Credit Sale Agreement.
...is an excerpt from one credit agreement, and this confirms the fears that 'big brother' is truly watching you.
Discussions with at least one debtor, outlined how, if the creditor wanted to talk to the debtor, they would just immobilise the vehicle (the car would emit a series of beeps, and then the engine would shut off).
The car would then only start after the debtor spoke to someone at the finace company after 20 minutes of waiting on hold whith their phone system.

If you have any questions or queries in respect of a credit contract, we recommend taking it to the citizens advice bureau where you may get free independant advice.
And if you see a term in a credit contract, which allows a company to be intrusive, tracking your every move, then think twice, If every car buyer says no, they wont buy with finance if they will be tracked, then the car companies will have no option but remove the clauses from their contracts.



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ADVANCED NOTE.
One of the websites that promotes these devices has a paragraph which includes the statemnent 'keep your assets safe' (or something to that nature) referring to the finance companies assets. The issue here is that the assets are not owned by the finance company unless there is a romapla clause (buyer does not have title until the goods are paid for in full), however all of the contracts reviewed do not say this.
It seems on the face of it, creditors are acting in the same manner of a parent, who has allowed a child use of the family car.

This is however in direct contradiction to the credit contract which is only a form of security interest over the vehicle, which can only be exercised by a defined process set down in the credit contracts and consumer finance act.

Legal Standing
It seems that your government is happy for this to happen, so much so they placed a provision in the Credit COntracts and Consumer Finance Act see CCCFA - DEVICES however nothing in the act talks about 'tracking the debtor' day and night!