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: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news