If things go wrong
Contact your lender
If it's difficult to keep up with your payments, ask about changing the agreement, eg to pay less each month. This is called applying for hardship.
If you think your lender has acted unfairly, try to resolve it with them first.
Report a lender to the Commerce Commission
The Commerce Commission is responsible for enforcing the CCCFA. Reports from the public help it identify lenders suspected of regularly breaking the rules.
Under the Credit Contract and Consumer Finance Act a lender must comply with disclosure obligations and determine affordability and suitability of the loan. Failure to do so can result in a refund of interest and fees and or damages to the borrower.
Making a complaint(external link) — Commerce Commission
The Commission can investigate lenders and take steps to ensure they stick to the rules by either:
- giving advice on how to comply with the law
- issuing warnings
- taking the lender to court.
The Commission can't act on your behalf about your specific issue. If you can't resolve the issue with your lender, complain to the lender's dispute resolution scheme.
Complain to the lender's dispute resolution scheme
All lenders must be members of a dispute resolution scheme under the Financial Service Providers (Registration and Dispute Resolution) Act. These schemes are independent, which means they have to be fair in resolving any disputes.
To find out which scheme a lender belongs to, search the Financial Service Providers Register.
Financial Service Providers Register(external link) — Companies Office