Finance company must pay clients back $3.3m

An Auckland-based lender will pay back 807 customers $3.3 million in overcharged interest and fees, after a Commerce Commission investigation alleged breaches of the Fair Trading Act.

The investigation began two years ago and found Broadlands Finance, owned by car dealer Tony Radisich, charged interest and fees on selling repossessed property, which is prohibited by the Credit (Repossession) Act (CRA).

 

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