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https://www.rnz.co.nz/news/business/420151/lender-who-charged-interest-up-to-803-percent-forced-to-repay-borrowers
That’ll larn ’em – to be a bit more careful in future and to keep their profits clean.
Finland-based Ferratum, which also traded as “Just Cash” and “Simple Cash”, has settled with the Commerce Commission after admitting it breached the Credit Contracts and Consumer Finance Act (CCCFA).
Commission chair Anna Rawlings said Ferratum admitted it did not meet its responsibilities.
We tend to think Finland is above this sort of gouging and already have plenty of these sort of skills ourselves, but gosh they need to make a buck in these hard climatic times. The Pythons understood about their small country values and more too. (https://www.youtube.com/watch?v=baHsoEAAMZU
We too are small, and understand about making quick raids at profitable ventures wherever possible.
The gummint is right onto this – can’t have lending businesses fouled up too much, or those speaking for the poor might start again with their pesky whining, saying the way to go is to increase wages, and decent non-repayable grants to beneficiaries. They seem to know that government can make money ‘grow on trees’ – which is so right in so many ways. But the broad mass of the country don’t know that yet, they still believe all the stuff they have learned as correct in primary school. That’s an excellent education system for understanding life that we’ve got, and isn’t affected by all those financial capability advisors so let’s carry on what we do well, we neolib brothers and sisters and others.
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