Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Heartland's Marac refunds $567k of loan repayment insurance

Heartland's Marac refunds $567k over unpaid loan repayment insurance

By Paul McBeth

Feb. 25 (BusinessDesk) - Heartland New Zealand's Marac Finance unit, which was one of three lenders which merged to create Heartland, has refunded more than half a million dollars over unpaid loan repayment insurance rebates in a settlement with the antitrust regulator.

The Heartland subsidiary refunded $567,000 to 1,000 customers who repaid auto-loans early between 2006 and 2010 but weren't refunded the rebate on insurance premiums on the loans, the Commerce Commission said in a statement. The regulator took a look at the matter after receiving a complaint in 2010, and Marac immediately changed its practices.

The regulator believed Marac breached the Credit Contracts and Consumer Finance Act by not refunding insurance premiums, and that it probably misled customers by telling them the insurance would be rebated. Marac didn't agree it breached the act or misled customers.

"We are pleased that Marac has agreed to do the right thing by its customers and make these payments," general manager of competition Kate Morrison said in a statement. "We saw a settlement as a timely and cost effective way of achieving the right result."

Marac's parent Heartland reported a 9.2 percent lift in first-half profit today to $.98 million as income rose 15 percent and costs were cut by 10 percent. Heartland's shares rose 1.4 percent to 74 cents in trading today.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news