The Commerce Commission has filed civil proceedings in the High Court at Wellington against finance company Real Finance Limited.
The Commission alleges that from 1 April 2013 until 26 June 2019 Real Finance has breached the Credit Contract and Consumer Finance Act 2003 (CCCFA) by charging borrowers unreasonable establishment, monthly administration, and default fees on personal loans.
The CCCFA prohibits lenders from charging consumers unreasonable credit and default fees, and the Commission is seeking a declaration that the company has breached the Act, as well as orders to compensate affected borrowers.
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