12 Jun 2020
WILLOCK v HUNT [2020] NZHC 1325
- Citation
- [2020] NZHC 1325
- Court
- High Court
The Term Loan Agreement was not a consumer credit contract for the CCCF Act (loan was for an investment/company purpose), so ss 9C and 40 did not apply. The May/June 2011 Deed validly varied the Term Loan Agreement, created a Current Debt of $483,840 and suspended interest pending demand but permitted the lender to demand repayment and seek interest on default. Although the borrower defaulted by failing to make the March 2012 payment under the Deed, interest did not start to accrue until the lender made demand. The 19 March 2018 letter of demand, which fixed a repayment date of 2 May 2018, co…