ComCom takes UDC to court over fees

Thu, 05 Sep 2019

By Jenny Ruth Sept. 6 (BusinessDesk) - The competition regulator is taking ANZ Bank-owned UDC Finance to court for allegedly charging unreasonable default fees. The Commerce Commission has filed charges against UDC in the High Court relating to its practices in providing consumer loans of $10,000 or more which were secured against assets such as vehicles. “The commission alleges that UDC’s dishonour and late payment fees were unreasonable in that they exceeded UDC’s reasonable costs and estimates of losses,” it says in a statement....

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