![]() Default fees for missed payments must be $30 or less.They cannot charge more than 0.8% of the unpaid loan balance in interest and fees per day when averaged across the loan term.Lenders cannot ask you to pay back more than twice the amount borrowed (also called the principal).The CCCFA also limits how much lenders and mobile traders (eg truck shops) can charge in interest and fees in high-cost loans: The Credit Contract and Consumer Finance Act (CCCFA) sets out how interest (including any default interest) is to be calculated. Model disclosure statement for revolving credit contracts Model disclosure statement for consumer credit contracts These documents are a guide for what to expect from your lender: You have to consent to having information disclosed electronically, eg by email, instead of on paper.Ĭredit contracts: Plain English definitionsĭisclosure for lenders guidelines (external link) - Commerce Commission Sample disclosure statements not be misleading or deceptive about important things.be likely to be noticed by a reasonable person.Lenders who do not make proper disclosure cannot enforce their contracts until disclosure is made. at least every six months for all other credit contracts.every 45 days for revolving credit contracts.if the interest rate or the contract changes by agreement or by the lender.give you important information in writing before you sign an agreement, eg annual interest rate, all fees, how you can cancel, details of their dispute resolution scheme.This helps borrowers compare the cost of borrowing and contract terms, and to shop around. ![]() make standard terms and costs of borrowing publicly available via their website or on clearly displayed notices at their premises.This is called disclosure of information. There are certain things lenders have to tell you when you borrow money.
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