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  • Hello... you must be Herman, come on in.
  • Oh boy!
  • So we are the credit contracts and consumer finance act (CCCF Act) and we help protect consumers like you borrow money.
  • Another transaction we cover is a buy-back transaction is where a homeowner transfers their home to a transferee, who typically pays their debts or gives them money. The former homeowner (the occupier, has the right to continue living in the home snd to buy it back at some time in the future.
  • Oh great!
  • Lastly,but most importantly it is important for consumers to know their rights and how to enforce them. So for lenders:- they must disclose key information about contract- Can't impose oppressive requirements on borrowers- can't enforce contracts in a opressive way- must disclose any fees, make sure they are reasonable.
  • The CCCF Act covers a range of transactions where money is loaned for personal use.
  • So what might the transactions be?
  • So the there is a consumer credit contract where a borrower is given credit for personal use, such as through mortgage, credit card, arranged overdraft, personal or cash loan, or pawnbroking pledge
  • We also cover a consumer lease which is a contract where someone is leasing goods for personal use and either has an option to purchase the leased goods, or the term of the lease is over one year.
  • Oh that's great! what are the other transactions
  • That's good to know.
  • Borrowers:- can cancel their contract in the first few days after recieving disclosure- have the right to repay what they owe on their contract early- Can ask lenders to change their contract if they are suffering unexpected hardship.So that is basically all you need to know, if you are looking for more information, you can go to the www.comcom.govt.nz
  • Wow, that's great thank you for helping me.
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