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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news