Petition of John Bolton re: CCCFA

[Rohb]

Hello Everyone ,

You may have seen the recent news coverage on the impact of changes to the Credit Contracts and Consumer Finance Act (CCCFA). These changes have had unintended consequences and are affecting whether, and how much, many New Zealanders can borrow. I got this from my Broker and they have started a parliamentary petition seeking urgent rework of these changes, and we'd love your support:

SIGN HERE

Though the CCCFA only came into effect in December, the market is already feeling the impact. Aimed at protecting vulnerable borrowers from loan sharks, many home loan seekers have found themselves rejected by the banks due to too much discretional spending and other reason Bank not to lend.... If you can help Please send your support.

[Perry]

Another atypical socio-commie muck up from the W'gton woodenheads.

"Trust us. We're from the gummint and we're here to help."

Yeah, right!

[donna]

^^ I thought auto dealers had found a loophole but the CCCFA does mention them as third parties in much the same way as retailers, brokers etc.

cheers,

Donna

[donna]

Thinking about retailers esp. the big appliance stores - they must be gutted their 5-year interest-free loans are now pretty much down the gurgler. Much harder to gap the spontaneous buyer in the net when the loan process has to take a lot longer - enough time for the buyer to reconsider!

[Rohb]

Everything will be affected, Cant wait for the enquiry to be completed but I doubt they will admit their incompetence ,they are just to idealistic to listened. There is still some work and follow up to be done.

Commerce minister David Clark orders inquiry into falling lending levels | Stuff.co.nz